Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended September 30, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 001-38147

CONSOL Energy Inc.

(Exact name of registrant as specified in its charter)


Delaware						82-1954058
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

275 Technology Drive Suite 101

Canonsburg, PA 15317-9565

(724) 416-8300

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CEIX	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

CONSOL Energy Inc. had 31,009,862 shares of common stock, $0.01 par value, outstanding at October 25, 2023.

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TABLE OF CONTENTS


	Part I. Financial Information	Page

Item 1.	Unaudited Financial Statements
	Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022	4
	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022	5
	Consolidated Balance Sheets at September 30, 2023 and December 31, 2022	6
	Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2023 and 2022	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022	10
	Notes to Consolidated Financial Statements	11

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51

Item 4.	Controls and Procedures	51

	Part II. Other Information

Item 1.	Legal Proceedings	52

Item 1A.	Risk Factors	52

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52

Item 3.	Defaults Upon Senior Securities	53

Item 4.	Mine Safety Disclosures	53

Item 5.	Other Information	53

Item 6.	Exhibits	54

	Signatures	55

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IMPORTANT DEFINITIONS REFERENCED IN THIS QUARTERLY REPORT

•“CONSOL Energy,” “we,” “our,” “us,” “our Company” and “the Company” refer to CONSOL Energy Inc. and its subsidiaries;

•“Btu” means one British thermal unit;

•“CONSOL Marine Terminal” refers to the Company's terminal operations located at the Port of Baltimore, Maryland;

•“former parent” refers to CNX Resources Corporation and its consolidated subsidiaries;

•“Greenfield Reserves and Resources” means those undeveloped reserves and resources owned by the Company in the Northern Appalachian, Central Appalachian and Illinois basins that are not associated with the Pennsylvania Mining Complex or the Itmann Mining Complex;

•“Itmann Mining Complex” refers to the Company's Itmann No. 5 metallurgical coal mine and coal preparation plant located in Wyoming County, West Virginia, and surrounding reserves to be processed and sold through the Itmann Mining Complex coal preparation plant; and

•“Pennsylvania Mining Complex” or “PAMC” refers to the Bailey, Enlow Fork and Harvey coal mines, the Central Preparation Plant, and related coal reserves, assets and operations located in southwestern Pennsylvania and northern West Virginia.

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PART I : FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue and Other Income:	2023		2022		2023		2022
Coal Revenue	$	449,618	$	472,558	$	1,574,096	$	1,481,668
Terminal Revenue	22,676		14,840		80,755		58,016
Freight Revenue	68,372		42,619		217,435		131,419
Loss on Commodity Derivatives, net	—		(65)		—		(256,571)
Miscellaneous Other Income	27,852		5,138		40,070		17,160
Gain on Sale of Assets	1,346		26,548		7,082		33,094
Total Revenue and Other Income	569,864		561,638		1,919,438		1,464,786
Costs and Expenses:
Operating and Other Costs	276,323		229,669		813,546		692,968
Depreciation, Depletion and Amortization	58,792		54,773		182,871		168,607
Freight Expense	68,372		42,619		217,435		131,419
General and Administrative Costs	37,313		30,406		79,758		94,919
Loss on Debt Extinguishment	662		674		2,725		4,361
Interest Expense	6,645		11,962		24,079		39,435
Total Costs and Expenses	448,107		370,103		1,320,414		1,131,709
Earnings Before Income Tax	121,757		191,535		599,024		333,077
Income Tax Expense	21,032		39,414		100,199		59,115
Net Income	$	100,725	$	152,121	$	498,825	$	273,962

Earnings per Share:
Total Basic Earnings per Share	$	3.15	$	4.36	$	14.97	$	7.87
Total Dilutive Earnings per Share	$	3.11	$	4.25	$	14.75	$	7.68

Dividends Declared per Common Share	$	—	$	1.00	$	2.20	$	1.00

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net Income	$	100,725	$	152,121	$	498,825	$	273,962

Other Comprehensive (Loss) Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $274, ($508), $822, ($1,524))	(901)		1,525		(2,702)		4,574
Unrealized Loss on Investments in Available-for-Sale Securities (Net of tax: $2, $—, $15, $—)	(6)		—		(49)		—
Unrealized (Loss) Gain on Cash Flow Hedges (Net of tax: $—, $89, $—, ($116))	—		(214)		—		401
Other Comprehensive (Loss) Income	(907)		1,311		(2,751)		4,975

Comprehensive Income	$	99,818	$	153,432	$	496,074	$	278,937

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	(Unaudited)
	September 30, 2023		December 31, 2022
ASSETS
Current Assets:
Cash and Cash Equivalents	$	167,586	$	273,070
Short-Term Investments	81,009		—

Accounts and Notes Receivable
Trade Receivables, net	147,664		158,127
Other Receivables, net	11,317		38,517
Inventories	98,386		66,290
Other Current Assets	73,432		62,479
Total Current Assets	579,394		598,483
Property, Plant and Equipment:
Property, Plant and Equipment	5,520,656		5,408,577
Less - Accumulated Depreciation, Depletion and Amortization	3,603,830		3,448,495
Total Property, Plant and Equipment—Net	1,916,826		1,960,082
Other Assets:

Right of Use Asset - Operating Leases	15,660		19,799

Salary Retirement	47,921		38,548
Other Noncurrent Assets, net	99,714		87,465
Total Other Assets	163,295		145,812
TOTAL ASSETS	$	2,659,515	$	2,704,377

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	(Unaudited)
	September 30, 2023		December 31, 2022
LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	132,377	$	130,232
Current Portion of Long-Term Debt	15,623		28,846
Operating Lease Liability, Current Portion	4,854		4,922
Commodity Derivatives	—		15,142
Other Accrued Liabilities	301,297		269,656
Total Current Liabilities	454,151		448,798
Long-Term Debt:
Long-Term Debt	183,421		342,110
Finance Lease Obligations	5,405		13,225
Total Long-Term Debt	188,826		355,335
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	226,645		232,593
Pneumoconiosis Benefits	145,146		148,390
Asset Retirement Obligations	221,011		221,858
Workers’ Compensation	42,220		40,951
Salary Retirement	20,536		20,585
Operating Lease Liability	11,232		15,073
Deferred Income Taxes	21,077		21,914
Other Noncurrent Liabilities	19,881		33,054
Total Deferred Credits and Other Liabilities	707,748		734,418
TOTAL LIABILITIES	1,350,725		1,538,551

Stockholders' Equity:
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 31,152,797 Shares Issued and Outstanding at September 30, 2023; 34,746,904 Shares Issued and Outstanding at December 31, 2022	312		347
Capital in Excess of Par Value	569,071		646,237
Retained Earnings	891,798		668,882
Accumulated Other Comprehensive Loss	(152,391)		(149,640)
TOTAL EQUITY	1,308,790		1,165,826
TOTAL LIABILITIES AND EQUITY	$	2,659,515	$	2,704,377

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Dollars in thousands)


	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Equity
December 31, 2022	$	347	$	646,237	$	668,882	$	(149,640)	$	1,165,826
(Unaudited)
Net Income	—		—		230,377		—		230,377
Actuarially Determined Long-Term Liability Adjustments (Net of $274 Tax)	—		—		—		(901)		(901)
Investments in Available-for-Sale Securities (Net of $64 Tax)	—		—		—		212		212
Comprehensive Income (Loss)	—		—		230,377		(689)		229,688
Issuance of Common Stock	3		(3)		—		—		—
Repurchases of Common Stock (1,207,409 Shares)	(11)		(22,446)		(44,676)		—		(67,133)
Excise Tax on Repurchases of Common Stock	—		—		(478)		—		(478)
Amortization of Stock-Based Compensation Awards	—		4,792		—		—		4,792
Shares Withheld for Taxes	—		(12,708)		—		—		(12,708)
Dividends on Common Shares ($1.10/share)	—		—		(38,287)		—		(38,287)
Dividend Equivalents Earned on Stock-Based Compensation Awards	—		—		(803)		—		(803)
March 31, 2023	$	339	$	615,872	$	815,015	$	(150,329)	$	1,280,897
(Unaudited)
Net Income	—		—		167,723		—		167,723
Actuarially Determined Long-Term Liability Adjustments (Net of $274 Tax)	—		—		—		(900)		(900)
Investments in Available-for-Sale Securities (Net of $77 Tax)	—		—		—		(255)		(255)
Comprehensive Income (Loss)	—		—		167,723		(1,155)		166,568
Repurchases of Common Stock (1,225,134 Shares)	(12)		(22,261)		(53,354)		—		(75,627)
Excise Tax on Repurchases of Common Stock	—		—		(728)		—		(728)
Amortization of Stock-Based Compensation Awards	—		1,993		—		—		1,993
Shares Withheld for Taxes	—		(38)		—		—		(38)
Dividends on Common Shares ($1.10/share)	—		—		(37,187)		—		(37,187)
Dividend Equivalents Earned on Stock-Based Compensation Awards	—		—		(683)		—		(683)
June 30, 2023	$	327	$	595,566	$	890,786	$	(151,484)	$	1,335,195
(Unaudited)
Net Income	—		—		100,725		—		100,725
Actuarially Determined Long-Term Liability Adjustments (Net of $274 Tax)	—		—		—		(901)		(901)
Investments in Available-for-Sale Securities (Net of $2 Tax)	—		—		—		(6)		(6)
Comprehensive Income (Loss)	—		—		100,725		(907)		99,818
Repurchases of Common Stock (1,547,846 Shares)	(15)		(28,171)		(98,448)		—		(126,634)
Excise Tax on Repurchases of Common Stock	—		—		(1,265)		—		(1,265)
Amortization of Stock-Based Compensation Awards	—		1,676		—		—		1,676
September 30, 2023	$	312	$	569,071	$	891,798	$	(152,391)	$	1,308,790

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	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Equity
December 31, 2021	$	345	$	646,945	$	280,960	$	(255,437)	$	672,813
(Unaudited)
Net Loss	—		—		(4,450)		—		(4,450)
Actuarially Determined Long-Term Liability Adjustments (Net of $508 Tax)	—		—		—		1,525		1,525
Interest Rate Hedge (Net of $130 Tax)	—		—		—		391		391
Comprehensive (Loss) Income	—		—		(4,450)		1,916		(2,534)
Issuance of Common Stock	3		(3)		—		—		—
Amortization of Stock-Based Compensation Awards	—		4,201		—		—		4,201
Shares Withheld for Taxes	—		(6,072)		—		—		(6,072)
March 31, 2022	$	348	$	645,071	$	276,510	$	(253,521)	$	668,408
(Unaudited)
Net Income	—		—		126,291		—		126,291
Actuarially Determined Long-Term Liability Adjustments (Net of $508 Tax)	—		—		—		1,524		1,524
Interest Rate Hedge (Net of $75 Tax)	—		—		—		224		224
Comprehensive Income	—		—		126,291		1,748		128,039
Issuance of Common Stock	1		(1)		—		—		—
Amortization of Stock-Based Compensation Awards	—		1,269		—		—		1,269
Shares Withheld for Taxes	—		(122)		—		—		(122)
June 30, 2022	$	349	$	646,217	$	402,801	$	(251,773)	$	797,594
(Unaudited)
Net Income	—		—		152,121		—		152,121
Actuarially Determined Long-Term Liability Adjustments (Net of $508 Tax)	—		—		—		1,525		1,525
Interest Rate Hedge (Net of $89 Tax)	—		—		—		(214)		(214)
Comprehensive Income	—		—		152,121		1,311		153,432
Amortization of Stock-Based Compensation Awards	—		1,224		—		—		1,224
Shares Withheld for Taxes	—		7		—		—		7
Dividends on Common Shares ($1.00/share)	—		—		(34,871)		—		(34,871)
Dividend Equivalents Earned on Stock-Based Compensation Awards	—		—		(941)		—		(941)
September 30, 2022	$	349	$	647,448	$	519,110	$	(250,462)	$	916,445

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(unaudited)


	Nine Months Ended September 30,
	2023		2022
Cash Flows from Operating Activities:
Net Income	$	498,825	$	273,962
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	182,871		168,607
Gain on Sale of Assets	(7,082)		(33,094)
Stock-Based Compensation	8,461		6,694
Amortization of Debt Issuance Costs	4,534		6,682
Loss on Debt Extinguishment	2,725		4,361
Deferred Income Taxes	(837)		13,095
Other Adjustments to Net Income	(2,571)		3,880
Changes in Operating Assets:
Accounts and Notes Receivable	37,670		(3,304)
Inventories	(32,096)		(11,685)
Other Current Assets	(4,522)		6,069
Changes in Other Assets	(26,913)		(24,866)
Changes in Operating Liabilities:
Accounts Payable	7,759		41,222
Commodity Derivatives, net Liability	(15,142)		39,282
Other Operating Liabilities	28,751		16,951
Changes in Other Liabilities	(43,615)		(8,170)
Net Cash Provided by Operating Activities	638,818		499,686
Cash Flows from Investing Activities:
Capital Expenditures	(117,749)		(134,456)
Proceeds from Sales of Assets	6,240		19,774
Investments in Mining-Related Activities	(5,366)		—
Proceeds from Sales of Short-Term Investments	83,924		—
Purchases of Short-Term Investments	(162,422)		—
Other Investing Activity	(350)		(1,633)
Net Cash Used in Investing Activities	(195,723)		(116,315)
Cash Flows from Financing Activities:
Payments on Finance Lease Obligations	(19,490)		(18,192)
Payments on Term Loan A	—		(41,250)
Payments on Term Loan B	(63,590)		(125,687)
Payments on Second Lien Notes	(101,832)		(26,387)


Payments on Other Debt	(729)		(589)
Shares Withheld for Taxes	(12,746)		(6,187)
Repurchases of Common Stock	(277,382)		—
Debt-Related Financing Fees	(2,810)		(7,766)
Dividends	(75,474)		(34,871)
Net Cash Used in Financing Activities	(554,053)		(260,929)
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(110,958)		122,442
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	326,952		198,206
Cash and Cash Equivalents and Restricted Cash at End of Period	$	215,994	$	320,648

Non-Cash Investing and Financing Activities:
Finance Lease	$	588	$	6,256

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOL ENERGY INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in thousands, except per share data)

NOTE 1—BASIS OF PRESENTATION:

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2022 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022.

All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for per share amounts, and unless otherwise indicated.

Basis of Consolidation

The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.

Recent Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05 - Business Combinations—Joint Venture Formations (Subtopic 805-60). The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and (2) reduce diversity in practice. The amendments in this update do not amend the definition of a joint venture, the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Existing joint ventures may elect to apply the guidance retrospectively. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.

In March 2023, the FASB issued ASU 2023-02 - Investments—Equity Method and Joint Ventures (Topic 323). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a low-income-housing tax credit (LIHTC) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic 323-740, Investments—Equity Method and Joint Ventures—Income Taxes, has been applied. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.

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Earnings per Share

Basic earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities, as applicable, were used to acquire shares of common stock at the average market price during the reporting period.

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Anti-Dilutive Restricted Stock Units	—	80	1,031	403
Anti-Dilutive Performance Share Units	—	—	—	—
	—	80	1,031	403

The computations for basic and dilutive earnings per share are as follows:


Dollars in thousands, except per share data	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net Income	$	100,725	$	152,121	$	498,825	$	273,962

Denominator:
Weighted-average shares of common stock outstanding	31,928,295		34,870,154		33,330,892		34,793,069
Effect of dilutive shares	464,394		906,437		479,628		900,513
Weighted-average diluted shares of common stock outstanding	32,392,689		35,776,591		33,810,520		35,693,582

Earnings per Share:
Basic	$	3.15	$	4.36	$	14.97	$	7.87
Dilutive	$	3.11	$	4.25	$	14.75	$	7.68

As of September 30, 2023, CONSOL Energy has 500,000 shares of preferred stock authorized, none of which are issued or outstanding.

Reclassifications

Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period. These reclassifications had no effect on previously reported total assets, stockholders' equity, net income or cash flows from operating activities.

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NOTE 2—REVENUE FROM CONTRACTS WITH CUSTOMERS:

The following tables disaggregate CONSOL Energy's revenue from contracts with customers by product type and market:


	Three Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	169,143	$	37,134	$	206,277
Industrial	11,076		169,709		180,785
Metallurgical	—		62,556		62,556
Total Coal Revenue	180,219		269,399		449,618
Terminal Revenue					22,676
Freight Revenue					68,372
Total Revenue from Contracts with Customers					$	540,666


	Three Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	231,274	$	118,765	$	350,039
Industrial	3,877		51,956		55,833
Metallurgical	3,536		63,150		66,686
Total Coal Revenue	238,687		233,871		472,558
Terminal Revenue					14,840
Freight Revenue					42,619
Total Revenue from Contracts with Customers					$	530,017


	Nine Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	476,598	$	270,736	$	747,334
Industrial	29,814		560,382		590,196
Metallurgical	10,627		225,939		236,566
Total Coal Revenue	517,039		1,057,057		1,574,096
Terminal Revenue					80,755
Freight Revenue					217,435
Total Revenue from Contracts with Customers					$	1,872,286


	Nine Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	658,630	$	261,837	$	920,467
Industrial	14,671		312,617		327,288
Metallurgical	3,536		230,377		233,913
Total Coal Revenue	676,837		804,831		1,481,668
Terminal Revenue					58,016
Freight Revenue					131,419
Total Revenue from Contracts with Customers					$	1,671,103

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Coal Revenue

The Company has disaggregated its coal revenue, derived from the PAMC and the Itmann Mining Complex, between domestic and export revenues, as well as industrial, power generation and metallurgical markets. Domestic coal revenue tends to be derived from contracts that typically have a term of one year or longer, and the pricing is typically fixed. Historically, export coal revenue tended to be derived from spot or shorter-term contracts with pricing determined closer to the time of shipment or based on a market index; however, the Company has secured several long-term export contracts with varying pricing arrangements. Coal revenue derived from the Itmann Mining Complex consists primarily of metallurgical coal sales, while coal revenue derived from the PAMC services the industrial, power generation and metallurgical markets due to the nature of its coal quality characteristics.

CONSOL Energy's coal revenue is recognized when the performance obligation has been satisfied, and the corresponding transaction price has been determined. Generally, title passes when coal is loaded at the coal preparation facilities, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed or determinable based upon either fixed forward pricing or pricing derived from established indices and adjusted for nominal quality characteristics. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, wherein no additional value is exchanged, in addition to a fixed base price per ton. The Company’s coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed and typically do not have significant financing components.

The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services and per ton price fluctuations based on certain coal sales price indices. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. The Company has determined that each ton of coal represents a separate and distinct performance obligation. Some of the Company's contracts span multiple years and have annual pricing modifications, based upon market-driven or inflationary adjustments, where no additional value is exchanged.

While CONSOL Energy does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial. At September 30, 2023 and December 31, 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2023 and 2022, the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal revenue in the current period that is not a result of current period performance.

Terminal Revenue

Terminal revenues are attributable to the Company's CONSOL Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the Terminal, stockpiling, blending, weighing, sampling, redelivery, and loading of coal onto vessels. Revenues for these services are earned and performance obligations are considered fulfilled as the services are performed.

The CONSOL Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2023 and December 31, 2022, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2023 and 2022, the Company has not recognized any amortization of previously existing capitalized costs of obtaining Terminal customer contracts. Further, the Company has not recognized any revenue in the current period that is not a result of current period performance.

Freight Revenue

Some of CONSOL Energy's coal contracts require that the Company sell its coal at locations other than its coal preparation plants. The cost to transport the Company's coal to the ultimate sales point is passed through to the Company's customers and CONSOL Energy recognizes the freight revenue equal to the transportation costs when title to the coal passes to the customer.

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Contract Balances

Contract assets, when present, are recorded separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Credit is extended based on an evaluation of a customer's financial condition and a customer's ability to perform its obligations. CONSOL Energy typically does not have material contract assets that are stated separately from trade receivables since the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the goods passes to the customer, or over time when services are provided.

NOTE 3—COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit (Credit) Cost are as follows:


	Pension Benefits								Other Post-Employment Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	304	$	301	$	913	$	905	$	—	$	—	$	—	$	—
Interest Cost	6,756		4,135		20,270		12,404		3,261		1,975		9,783		5,924
Expected Return on Plan Assets	(9,867)		(9,319)		(29,602)		(27,957)		—		—		—		—
Amortization of Prior Service Credits	—		—		—		—		(601)		(601)		(1,804)		(1,804)
Amortization of Actuarial Loss	185		759		555		2,278		—		878		—		2,636
Net Periodic Benefit (Credit) Cost	$	(2,622)	$	(4,124)	$	(7,864)	$	(12,370)	$	2,660	$	2,252	$	7,979	$	6,756

(Credits) expenses related to pension and other post-employment benefits are reflected in Operating and Other Costs in the Consolidated Statements of Income. Amounts reclassified out of accumulated other comprehensive income are reflected in Operating and Other Costs in the Consolidated Statements of Income.

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NOTE 4—COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost are as follows:


	CWP								Workers' Compensation
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	578	$	727	$	1,734	$	2,179	$	1,400	$	1,230	$	4,198	$	3,690
Interest Cost	2,071		1,265		6,214		3,795		628		343		1,885		1,027
Amortization of Actuarial (Gain) Loss	(261)		1,059		(784)		3,178		(512)		(106)		(1,537)		(316)
State Administrative Fees and Insurance Bond Premiums	—		—		—		—		471		449		1,482		1,334
Net Periodic Benefit Cost	$	2,388	$	3,051	$	7,164	$	9,152	$	1,987	$	1,916	$	6,028	$	5,735

Expenses related to CWP and workers’ compensation are reflected in Operating and Other Costs in the Consolidated Statements of Income. Amounts reclassified out of accumulated other comprehensive income are reflected in Operating and Other Costs in the Consolidated Statements of Income.

NOTE 5—INCOME TAXES:

The Company recorded its provision for income taxes for the three and nine months ended September 30, 2023 of $21,032, or 17.3%, and $100,199, or 16.7%, respectively, of earnings before income taxes, based on its annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and nine months ended September 30, 2023 differs from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income. These tax provision amounts also include discrete tax adjustments primarily related to equity compensation.

The provision for income taxes for the three and nine months ended September 30, 2022 of $39,414, or 20.6%, and $59,115, or 17.8%, respectively, of earnings before income taxes was based on the Company's annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and nine months ended September 30, 2022 differed from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income, partially offset by tax expense related to compensation. The tax provision amounts also included discrete tax adjustments primarily related to equity compensation and acquiring the remaining interest in a former equity investment.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022. Management does not expect this legislation to have a material impact on the Company's financial statements.

The Company is subject to taxation in the United States and certain of its various states, as well as Canada and certain of its various provinces. The Company is subject to examination for the tax periods 2018 through 2022 for federal and state returns.

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NOTE 6—CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:


	September 30,
	2023		2022
Cash and Cash Equivalents	$	167,586	$	268,853
Restricted Cash - Current(1)	46,313		45,941
Restricted Cash - Non-current(1)	2,095		5,854
Cash and Cash Equivalents and Restricted Cash	$	215,994	$	320,648

(1) Restricted Cash - Current is included in Other Current Assets in the accompanying Consolidated Balance Sheets. Restricted Cash - Non-current is included in Other Noncurrent Assets, net in the accompanying Consolidated Balance Sheets.

During the nine months ended September 30, 2023, the Company invested in marketable debt securities, primarily comprised of highly liquid U.S. Treasury securities. The investments are held in the custody of financial institutions. These securities are classified as available-for-sale securities and have maturity dates ranging from October 2023 through July 2024, and thus are classified as current assets.

The Company's investments in available-for-sale securities are as follows:


	September 30, 2023
					Gross Unrealized
	Amortized Cost		Allowance for Credit Losses		Gains		Losses		Fair Value
U.S. Treasury Securities	$	81,073	$	—	$	—	$	(64)	$	81,009

Available-for-sale investments are reported at fair value and any unrealized gains or losses are recognized in other comprehensive income, net of tax. The unrealized losses in the Company's portfolio at September 30, 2023 are the result of normal market fluctuations. Interest and dividends are included in net income when earned.

NOTE 7—CREDIT LOSSES:

Trade receivables are recorded at the invoiced amount and do not bear interest. Credit is extended based on an evaluation of a customer's financial condition, the importance of the customer or market for future business and a customer's ability to perform its obligations. Trade receivable balances are monitored against approved credit terms. Credit terms are reviewed and adjusted as considered necessary based on changes to a customer's credit profile. If a customer's credit deteriorates, the Company may reduce credit risk exposure by reducing credit terms, obtaining letters of credit, obtaining credit insurance, or requiring pre-payment for shipments. Other non-trade contractual arrangements consist primarily of overriding royalty agreements and other financial arrangements between the Company and various counterparties.

The Company is exposed to credit losses primarily through sales of products and services. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation, and consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Company serves, and changes in the financial health of the Company's counterparties.

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The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected.


	Trade Receivables		Other Non-Trade Contractual Arrangements

Beginning Balance, December 31, 2022	$	1,731	$	7,051
Provision for expected credit losses	(1,276)		(124)
Write-off of uncollectible accounts	—		(45)
Ending Balance, September 30, 2023	$	455	$	6,882

NOTE 8—INVENTORIES:

Inventory components consist of the following:


	September 30, 2023		December 31, 2022
Coal	$	29,127	$	11,315
Supplies	69,259		54,975
Total Inventories	$	98,386	$	66,290

Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out (“FIFO”) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations.

NOTE 9—ACCOUNTS RECEIVABLE SECURITIZATION:

At September 30, 2023, CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023. In July 2022, the securitization facility was again amended to, among other things, extend the maturity date to July 29, 2025.

Pursuant to the securitization facility, CONSOL Thermal Holdings LLC, an indirect, wholly-owned subsidiary of the Company, sells trade receivables to CONSOL Pennsylvania Coal Company LLC, a wholly-owned subsidiary of the Company. CONSOL Marine Terminals LLC, a wholly-owned subsidiary of the Company, and CONSOL Pennsylvania Coal Company LLC sell and/or contribute trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC, a wholly-owned subsidiary of the Company (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, N.A., which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100,000.

Loans under the securitization facility accrue interest at a reserve-adjusted market index rate equal to the applicable term Secured Overnight Financing Rate (“SOFR”). Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and pays other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

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At September 30, 2023, the Company's eligible accounts receivable yielded $42,049 of borrowing capacity. At September 30, 2023, the facility had no outstanding borrowings and $42,007 of letters of credit outstanding, leaving available borrowing capacity of $42. At December 31, 2022, the Company's eligible accounts receivable yielded $85,179 of borrowing capacity. At December 31, 2022, the facility had no outstanding borrowings and $83,465 of letters of credit outstanding, leaving available borrowing capacity of $1,714. Costs associated with the receivables facility totaled $323 and $1,060 for the three and nine months ended September 30, 2023, respectively, and $198 and $813 for the three and nine months ended September 30, 2022, respectively. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

NOTE 10—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:


	September 30, 2023		December 31, 2022
Plant and Equipment	$	3,429,950	$	3,330,755
Coal Properties and Surface Lands	904,992		898,628
Airshafts	487,506		481,090
Mine Development	366,260		366,241
Advance Mining Royalties	331,948		331,863
Total Property, Plant and Equipment	5,520,656		5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,603,830		3,448,495
Total Property, Plant and Equipment - Net	$	1,916,826	$	1,960,082

Coal reserves are either owned in fee or controlled by lease. The duration of the leases vary; however, the lease terms are generally extended automatically to the exhaustion of economically recoverable reserves, as long as active mining continues. Coal interests held by lease provide the same rights as fee ownership for mineral extraction and are legally considered real property interests.

As of September 30, 2023 and December 31, 2022, property, plant and equipment includes gross assets under finance leases of $74,507 and $90,516, respectively. Accumulated amortization for finance leases was $57,225 and $54,028 at September 30, 2023 and December 31, 2022, respectively. Amortization expense for assets under finance leases approximated $6,524 and $5,960 for the three months ended September 30, 2023 and 2022, respectively, and $20,369 and $18,058 for the nine months ended September 30, 2023 and 2022, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income.

NOTE 11—OTHER ACCRUED LIABILITIES:


	September 30, 2023		December 31, 2022
Subsidence Liability	$	104,265	$	96,623
Accrued Compensation and Benefits	72,754		67,893
Accrued Income Taxes	17,229		1,513
Accrued Other Taxes	7,865		10,551
Accrued Interest	3,212		7,942
Other	19,115		9,880
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	32,974		29,644
Postretirement Benefits Other than Pensions	21,697		22,436
Pneumoconiosis Benefits	12,571		12,723
Workers' Compensation	9,615		10,451
Total Other Accrued Liabilities	$	301,297	$	269,656

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NOTE 12—LONG-TERM DEBT:


	September 30, 2023		December 31, 2022
Debt:
MEDCO Revenue Bonds in Series due September 2025 at 5.75%	$	102,865	$	102,865
9.00% PEDFA Solid Waste Disposal Revenue Bonds due April 2028	75,000		75,000
11.00% Senior Secured Second Lien Notes due November 2025	—		99,107
Term Loan B due in September 2024 (Principal of $63,590 less Unamortized Discount of $106, 8.92% Weighted Average Interest Rate at December 31, 2022)	—		63,484
Other Debt Arrangements	1,671		2,400
Advance Royalty Commitments (8.09% Weighted Average Interest Rate)	7,716		7,716
Less: Unamortized Debt Issuance Costs	(1,804)		(3,721)
	185,448		346,851
Less: Amounts Due in One Year*	(2,027)		(4,741)
Long-Term Debt	$	183,421	$	342,110

* Excludes current portion of Finance Lease Obligations of $13,596 and $24,105 at September 30, 2023 and December 31, 2022, respectively.

Revolving Credit Facility

In November 2017, CONSOL Energy entered into a revolving credit facility with PNC Bank, N.A. (the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in June 2023. This amendment increased the available revolving commitments from $260,000 to $355,000 and provides for the Company's ability to increase the revolving commitments or issue term loans in an additional amount not to exceed $45,000 and up to an aggregate total amount of $400,000. The maturity date of the Revolving Credit Facility is July 18, 2026.

Borrowings under the Company's Revolving Credit Facility bear interest at a floating rate that is, at the Company's option, either (i) SOFR plus the applicable SOFR adjustment (as defined therein) depending on the applicable interest period plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility depends on the total net leverage ratio. Obligations under the Revolving Credit Facility are guaranteed by (i) all owners of the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company. The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s interest in the PAMC, (ii) the equity interests in PA Mining Complex LP held by the Company, (iii) the CONSOL Marine Terminal, (iv) the Itmann Mining Complex and (v) the 1.4 billion tons of Greenfield Reserves and Resources.

The Revolving Credit Facility contains a number of customary affirmative covenants and a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments and prepayments of junior indebtedness. The Revolving Credit Facility also includes covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations and gains and losses on debt extinguishment. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, Maintenance Capital Expenditures and cash payments related to legacy employee liabilities to the extent in excess of amounts accrued in the calculation of Consolidated EBITDA. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio shall be 1.50 to 1.00, the maximum total net leverage ratio shall be 2.50 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00.

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The Company's first lien gross leverage ratio was 0.02 to 1.00 at September 30, 2023. The Company's total net leverage ratio was (0.05) to 1.00 at September 30, 2023. The Company's fixed charge coverage ratio was 3.53 to 1.00 at September 30, 2023. The Company was in compliance with all of its financial covenants under the Revolving Credit Facility as of September 30, 2023.

At September 30, 2023, the Revolving Credit Facility had no borrowings outstanding and $139,195 of letters of credit outstanding, leaving $215,805 of unused capacity. At December 31, 2022, the Revolving Credit Facility had no borrowings outstanding and $103,029 of letters of credit outstanding, leaving $296,971 of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

The SPV is a non-guarantor subsidiary of the Revolving Credit Facility, and the SPV holds the assets pledged to the lender in the securitization facility. The SPV had total assets of $148,200 and $158,877, comprised mainly of $147,664 and $158,127 trade receivables, net, at September 30, 2023 and December 31, 2022, respectively. Net income attributable to the SPV was $235 and $6,400 for the three months ended September 30, 2023 and 2022, respectively, and $4,843 and $10,492 for the nine months ended September 30, 2023 and 2022, respectively, which primarily reflected intercompany fees related to purchasing the receivables, which are eliminated in the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q. During the nine months ended September 30, 2023 and 2022, there were no borrowings or payments under the accounts receivable securitization facility. See Note 9 - Accounts Receivable Securitization for additional information.

Second Lien Notes

In November 2017, CONSOL Energy issued $300,000 in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes were secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged on a first-priority basis as collateral securing the Company’s obligations under the Revolving Credit Facility (described above), subject to certain exceptions under the Indenture.

The Indenture contained covenants that limited the ability of the Company and the Guarantors to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) pay or make dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants were subject to important exceptions and qualifications. If the Second Lien Notes achieved an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture existed, many of the foregoing covenants would have terminated and ceased to apply.

During the nine months ended September 30, 2023, the Company spent $101,832 to fully redeem $99,107 of its outstanding Second Lien Notes. During the nine months ended September 30, 2022, the Company spent $26,387 to repurchase $25,000 of its outstanding Second Lien Notes. As a result of these transactions, $662 and $674 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the three months ended September 30, 2023 and 2022, respectively, and $2,725 and $4,361 was included in Loss on Debt Extinguishment on the Consolidated Statements of Income for the nine months ended September 30, 2023 and 2022, respectively.

PEDFA Bonds

In April 2021, CONSOL Energy borrowed the proceeds received from the sale of tax-exempt bonds issued by the Pennsylvania Economic Development Financing Authority (“PEDFA”) in an aggregate principal amount of $75,000 (the “PEDFA Bonds”). The PEDFA Bonds bear interest at a fixed rate of 9.00% for an initial term of seven years. The PEDFA Bonds mature on April 1, 2051 but are subject to mandatory purchase by the Company on April 13, 2028, at the expiration of the initial term rate period. The PEDFA Bonds were issued pursuant to an indenture (the “PEDFA Indenture”) dated as of April 1, 2021, by and between PEDFA and Wilmington Trust, N.A., a national banking association, as trustee (the “PEDFA Notes Trustee”). PEDFA made a loan of the proceeds of the PEDFA Bonds to the Company pursuant to a Loan Agreement (the “Loan Agreement”) dated as of April 1, 2021 between PEDFA and the Company. Under the terms of the

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Loan Agreement, the Company agreed to make all payments of principal, interest and other amounts at any time due on the PEDFA Bonds or under the PEDFA Indenture. PEDFA assigned its rights as lender under the Loan Agreement, excluding certain reserved rights, to the PEDFA Notes Trustee. Certain subsidiaries of the Company (the “PEDFA Notes Guarantors”) executed a Guaranty Agreement (the “Guaranty”) dated as of April 1, 2021 in favor of the PEDFA Notes Trustee, guarantying the obligations of the Company under the Loan Agreement to pay the PEDFA Bonds when and as due. The obligations of the Company under the Loan Agreement and of the PEDFA Notes Guarantors under the Guaranty are secured by second priority liens on substantially all of the assets of the Company and the PEDFA Notes Guarantors.

The Company started a capital construction project on the PAMC coarse refuse disposal area in 2017, which is now funded, in part, by the $75,000 of PEDFA Bond proceeds loaned to the Company. The Company expects to expend these funds as qualified work is completed. The Company utilized restricted cash in the amount of $8,442 and $16,313 during the three and nine months ended September 30, 2023, respectively, and $2,376 and $7,100 during the three and nine months ended September 30, 2022, respectively, for qualified expenses. Additionally, the Company had $20,320 and $35,516 in restricted cash at September 30, 2023 and December 31, 2022, respectively, associated with this financing that will be used to fund future spending on the coarse refuse disposal area.

NOTE 13—COMMITMENTS AND CONTINGENT LIABILITIES:

The Company is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company’s estimated accruals related to these pending claims, individually and in the aggregate, are immaterial to the financial position, results of operations or cash flows of the Company as of September 30, 2023. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company’s financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of September 30, 2023 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case.

Fitzwater Litigation: Three nonunion retired coal miners have sued Fola Coal Company LLC, Consolidation Coal Company (“CCC”) and CONSOL of Kentucky Inc. (“COK”) (as well as the Company's former parent) in the U.S. District Court for the Southern District of West Virginia alleging ERISA violations in the termination of retiree health care benefits. The Plaintiffs contend they relied to their detriment on oral statements and promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were allegedly denied access to Summary Plan Documents that clearly reserved to the Company the right to modify or terminate the Retiree Health and Welfare Plan subject to Plaintiffs’ claims. Pursuant to Plaintiffs’ amended complaint filed on April 24, 2017, Plaintiffs request that retiree health benefits be reinstated and seek to represent a class of all nonunion retirees who were associated with AMVEST and COK areas of operation. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial order setting the trial date, which was held in February 2021. No ruling has been issued by the judge. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

Casey Litigation: A class action lawsuit was filed on August 23, 2017 on behalf of two nonunion retired coal miners against CCC, COK, CONSOL Buchanan Mining Co., LLC and Kurt Salvatori, the Company's Chief Administrative Officer, in the U.S. District Court for the Southern District of West Virginia alleging ERISA violations in the termination of retiree health care benefits. Filed by the same lawyers who filed the Fitzwater litigation, and raising nearly identical claims, the Plaintiffs contend they relied to their detriment on oral promises of “lifetime health benefits” allegedly made by various members of management during Plaintiffs’ employment and that they were not provided with copies of Summary Plan Documents clearly reserving to the Company the right to modify or terminate the Retiree Health and Welfare Plan. Plaintiffs request that retiree health benefits be reinstated for them and their dependents and seek to represent a class of all nonunion retirees of any subsidiary of the Company's former parent that operated or employed individuals in McDowell or Mercer Counties, West Virginia, or Buchanan or Tazewell Counties, Virginia whose retiree welfare benefits were terminated. On December 1, 2017, the trial court judge in Fitzwater signed an order to consolidate Fitzwater with Casey. The Casey complaint was amended on March 1, 2018 to add new plaintiffs, add defendant CONSOL Pennsylvania Coal Company LLC and eliminate defendant CONSOL Buchanan Mining Co., LLC in an attempt to expand the class of retirees. On October 15, 2019, Plaintiffs’ supplemental motion for class certification was denied on all counts. On July 15, 2020, Plaintiffs filed an interlocutory appeal with the Fourth Circuit Court of Appeals on the Order denying class certification. The Fourth Circuit denied Plaintiffs' appeal on August 14, 2020. On October 1, 2020, the District Court entered a pretrial

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order setting the trial date, which was held in February 2021. No ruling has been issued by the judge. The Company believes it has a meritorious defense and intends to vigorously defend this suit.

United Mine Workers of America 1992 Benefit Plan Litigation: In 2013, Murray Energy and its subsidiaries (“Murray”) entered into a stock purchase agreement (the “Murray sale agreement”) with the Company's former parent pursuant to which Murray acquired the stock of CCC and certain subsidiaries and certain other assets and liabilities. At the time of sale, the liabilities included certain retiree medical liabilities under the Coal Industry Retiree Health Benefit Act of 1992 (“Coal Act”) and certain federal black lung liabilities under the Black Lung Benefits Act (“BLBA”). Based upon information available, the Company estimates that the annual servicing costs of these liabilities are approximately $10 million to $20 million per year for the next ten years. The annual servicing cost would decline each year since the beneficiaries of the Coal Act consist principally of miners who retired prior to 1994. Murray filed for Chapter 11 bankruptcy in October 2019. As part of the bankruptcy proceedings, Murray unilaterally entered into a settlement with the United Mine Workers of America 1992 Benefit Plan (the “1992 Benefit Plan”) to transfer retirees in the Murray Energy Section 9711 Plan to the 1992 Benefit Plan. This was approved by the bankruptcy court on April 30, 2020. On May 2, 2020, the 1992 Benefit Plan filed an action in the United States District Court for the District of Columbia asking the court to make a determination whether the Company's former parent or the Company has any continuing retiree medical liabilities under the Coal Act (the “1992 Plan Lawsuit”). The Murray sale agreement includes indemnification by Murray with respect to the Coal Act and BLBA liabilities. In addition, the Company had agreed to indemnify its former parent relative to certain pre-separation liabilities. As of September 16, 2020, the Company entered into a settlement agreement with Murray and withdrew its claims in bankruptcy. On September 11, 2020, the Defendants in the 1992 Plan Lawsuit filed a Motion to Dismiss Plaintiffs' Second Amended Complaint which was denied by the Court on March 29, 2022. The Company will continue to vigorously defend any claims that attempt to transfer any of such liabilities directly or indirectly to the Company, including raising all applicable defenses against the 1992 Benefit Plan’s suit. With respect to this lawsuit, while a loss is possible, it is not probable and, as a result, no accrual has been recorded.

Other Matters: On July 27, 2021, the Company's former parent informed the Company that it had received a request from the United Mine Workers of America (“UMWA”) 1974 Pension Plan for information related to the facts and circumstances surrounding the former parent's 2013 sale of certain of its coal subsidiaries to Murray (the “Letter Request”). The Letter Request indicates that litigation by the UMWA 1974 Pension Plan against the Company's former parent related to potential withdrawal liabilities from the plan created by the 2019 bankruptcy of Murray is reasonably foreseeable. There has been no indication of potential claims against the Company by the UMWA 1974 Pension Plan and, at this time, no liability of the Company's former parent has been assessed.

The Company and various subsidiaries are defendants in certain other legal proceedings. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity.

The following is a summary, as of September 30, 2023, of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. Employee-related financial guarantees have primarily been provided to support the 1992 Benefit Plan and federal black lung and various state workers' compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other financial guarantees have been extended to support sales contracts, insurance policies, surety indemnity agreements, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. Certain letters of credit included in the table below were issued against other commitments included in this table. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these commitments are recorded as liabilities in the financial statements. The Company's management believes that these commitments will not have a material adverse effect on the Company's financial condition.

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	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	48,034	$	29,649	$	18,385	$	—	$	—
Environmental	398		398		—		—		—
Other	132,770		117,955		14,815		—		—
Total Letters of Credit	$	181,202	$	148,002	$	33,200	$	—	$	—
Surety Bonds:
Employee-Related	$	81,010	$	47,760	$	33,250	$	—	$	—
Environmental	521,999		500,911		21,088		—		—
Other	3,848		3,643		205		—		—
Total Surety Bonds	$	606,857	$	552,314	$	54,543	$	—	$	—

The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the Consolidated Financial Statements.

NOTE 14—DERIVATIVES

Coal Price Risk Management Positions

The Company may sell or purchase forward contracts, swaps and options in the over-the-counter coal market in order to manage its exposure to coal prices. The Company has exposure to the risk of fluctuating coal prices related to forecasted or index-priced sales of coal or to the risk of changes in the fair value of a fixed price physical sales contract. All of the Company's coal-related derivative contracts were settled as of December 31, 2022.

Tabular Derivatives Disclosures

The Company had master netting agreements with all of its counterparties which allowed for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduced the Company's credit exposure related to these counterparties to the extent the Company had any liability to such counterparties. For classification purposes, the Company recorded the net fair value of all the positions with a given counterparty as a net asset or liability in the Consolidated Balance Sheets. The fair value of derivatives reflected in the accompanying Consolidated Balance Sheets are set forth in the table below.


	September 30, 2023				December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Coal Swap Contracts	$	—	$	—	$	6,024	$	(21,166)
Effect of Counterparty Netting	—		—		(6,024)		6,024
Net Derivatives as Classified in the Consolidated Balance Sheets	$	—	$	—	$	—	$	(15,142)

The Company did not seek cash flow hedge accounting treatment for its commodity derivative financial instruments and therefore, changes in fair value were reflected in earnings throughout the terms of those instruments. During the three and nine months ended September 30, 2022, the Company settled a portion of its commodity derivatives at losses of $81,311 and $241,486, respectively. Additionally, during the three and nine months ended September 30, 2022, the Company recognized adjustments to the fair value of its commodity derivatives of ($81,246) and $15,085, respectively. These settlements and fair value adjustments were included in Loss on Commodity Derivatives, net on the accompanying Consolidated Statements of Income.

The Company classified the cash effects of its derivatives within the Cash Flows from Operating Activities section of the Consolidated Statements of Cash Flows.

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NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS:

CONSOL Energy determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including SOFR-based discount rates and U.S. Treasury-based rates), while unobservable inputs reflect the Company’s own assumptions of what market participants would use.

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level One - Quoted prices for identical instruments in active markets. The Company's Level 1 assets include marketable debt securities, primarily highly liquid U.S. Treasury securities.

Level Two - The fair value of the assets and liabilities included in Level 2 are based on standard industry income approach models that use significant observable inputs, including SOFR-based discount rates and U.S. Treasury-based rates. The Company's Level 2 assets and liabilities include coal commodity contracts with fair values derived from quoted prices in over-the-counter markets.

Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instruments measured at fair value on a recurring basis are summarized below:


	Fair Value Measurements at						Fair Value Measurements at
	September 30, 2023						December 31, 2022
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity Derivatives	$	—	$	—	$	—	$	—	$	(15,142)	$	—
U.S. Treasury Securities	$	81,009	$	—	$	—	$	—	$	—	$	—

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows.

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-Term Debt (Excluding Debt Issuance Costs)	$	187,252	$	201,767	$	350,572	$	365,789

Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements.

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NOTE 16—SEGMENT INFORMATION:

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management to make decisions on and assess performance of the Company’s reportable segments. CONSOL Energy presently consists of two reportable segments, the PAMC and the CONSOL Marine Terminal. The PAMC includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and a centralized preparation plant. The PAMC segment’s principal activities include the mining, preparation and marketing of bituminous coal, sold primarily to industrial end-users, power generators and metallurgical end-users. The CONSOL Marine Terminal provides coal export terminal services through the Port of Baltimore. General and administrative costs are allocated to the Company’s segments based on a percentage of resources utilized, a percentage of total revenue and a percentage of total projected capital expenditures. CONSOL Energy’s Other segment includes revenue and expenses from various corporate and diversified business activities that are not allocated to the PAMC or the CONSOL Marine Terminal segments. The diversified business activities currently include the Itmann Mining Complex, the Greenfield Reserves and Resources, closed mine activities, other income, gain on asset sales related to non-core assets, and gain/loss on debt extinguishment. Additionally, interest expense and income taxes, as well as various other non-operated activities, none of which are individually significant to the Company, are also reflected in CONSOL Energy's Other segment and are not allocated to the PAMC and CONSOL Marine Terminal segments.

The Company evaluates the performance of its segments utilizing Adjusted EBITDA and various sales and production metrics. Adjusted EBITDA measures the operating performance of the Company's segments and is used to allocate resources to the Company's segments.

Reportable segment results for the three months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	431,090	$	—	$	18,528	$	449,618
Terminal Revenue	—		22,676		—		22,676
Freight Revenue	64,507		—		3,865		68,372
Total Revenue from Contracts with Customers	$	495,597	$	22,676	$	22,393	$	540,666
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	50,663	$	1,181	$	6,948	$	58,792
Capital Expenditures	$	35,404	$	2,630	$	3,633	$	41,667

Reportable segment results for the three months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	465,643	$	—	$	6,915	$	472,558
Terminal Revenue	—		14,840		—		14,840
Freight Revenue	42,618		—		1		42,619
Total Revenue from Contracts with Customers	$	508,261	$	14,840	$	6,916	$	530,017
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	49,316	$	1,149	$	4,308	$	54,773
Capital Expenditures	$	50,112	$	2,248	$	6,035	$	58,395

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Reportable segment results for the nine months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,515,603	$	—	$	58,493	$	1,574,096
Terminal Revenue	—		80,755		—		80,755
Freight Revenue	206,725		—		10,710		217,435
Total Revenue from Contracts with Customers	$	1,722,328	$	80,755	$	69,203	$	1,872,286
Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	152,302	$	3,513	$	27,056	$	182,871
Capital Expenditures	$	99,706	$	4,329	$	13,714	$	117,749

Reportable segment results for the nine months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,457,595	$	—	$	24,073	$	1,481,668
Terminal Revenue	—		58,016		—		58,016
Freight Revenue	128,394		—		3,025		131,419
Total Revenue from Contracts with Customers	$	1,585,989	$	58,016	$	27,098	$	1,671,103
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	149,737	$	3,456	$	15,414	$	168,607
Capital Expenditures	$	84,763	$	2,608	$	47,085	$	134,456

For the three and nine months ended September 30, 2023 and 2022, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Customer A	$	72,335	*		$	207,746	*
Customer B	$	69,322	*		$	220,726	*

Customer C	*		$	100,635	*		$	311,707
Customer D	*		$	98,424	*		$	229,595

*Revenues from these customers during the periods presented were less than 10% of the Company's total sales.

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Reconciliation of Segment Information to Consolidated Amounts:


	Three Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	132,442	$	12,098	$	(43,815)	$	100,725
Income Tax Expense	—		—		21,032		21,032
Interest Expense	—		1,524		5,121		6,645
Interest Income	(723)		—		(3,301)		(4,024)
Depreciation, Depletion and Amortization	50,663		1,181		6,948		58,792
Stock-Based Compensation	1,408		50		218		1,676
Loss on Debt Extinguishment	—		—		662		662
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508


	Three Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	210,855	$	5,602	$	(64,336)	$	152,121
Income Tax Expense	—		—		39,414		39,414
Interest Expense	—		1,528		10,434		11,962
Interest Income	(437)		—		(1,104)		(1,541)
Depreciation, Depletion and Amortization	49,316		1,149		4,308		54,773
Stock-Based Compensation	1,028		49		147		1,224
Loss on Debt Extinguishment	—		—		674		674
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	(81,246)		—		—		(81,246)
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881


	Nine Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	627,053	$	50,981	$	(179,209)	$	498,825
Income Tax Expense	—		—		100,199		100,199
Interest Expense	—		4,576		19,503		24,079
Interest Income	(1,644)		—		(7,758)		(9,402)
Depreciation, Depletion and Amortization	152,302		3,513		27,056		182,871
Stock-Based Compensation	7,108		254		1,099		8,461
Loss on Debt Extinguishment	—		—		2,725		2,725


Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758

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	Nine Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	372,408	$	29,569	$	(128,015)	$	273,962
Income Tax Expense	—		—		59,115		59,115
Interest Expense	205		4,589		34,641		39,435
Interest Income	(1,304)		—		(3,005)		(4,309)
Depreciation, Depletion and Amortization	149,737		3,456		15,414		168,607
Stock-Based Compensation	5,622		268		804		6,694
Loss on Debt Extinguishment	—		—		4,361		4,361
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	15,085		—		—		15,085
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450

NOTE 17—STOCK AND DEBT REPURCHASES:

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its Second Lien Notes. Since the program's inception, the Company's Board of Directors has subsequently amended the program several times. The most recent amendment occurred in April 2023, in which the aggregate limit of the Company's repurchase authority was raised to $1,000,000. The program terminates on December 31, 2024.

Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock or notes are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock or notes, and the program can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement or indenture.

During the nine months ended September 30, 2023, the Company did not make any open market repurchases of its Second Lien Notes in accordance with this program. During the nine months ended September 30, 2022, the Company spent $26,387 to repurchase $25,000 of its Second Lien Notes in accordance with this program. During the nine months ended September 30, 2023, the Company repurchased and retired 3,980,389 shares of the Company's common stock at an average price of $67.68 per share. No shares of common stock were repurchased under this program during the nine months ended September 30, 2022.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in conjunction with the Consolidated Financial Statements and corresponding notes included elsewhere in this Form 10-Q. In addition, this Form 10-Q report should be read in conjunction with the Consolidated Financial Statements for the three-year period ended December 31, 2022 included in CONSOL Energy Inc.'s Form 10-K, filed on February 10, 2023. This MD&A contains forward-looking statements and the matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see “Risk Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.

All amounts discussed are in millions of U.S. dollars, unless otherwise indicated. All tons discussed are on a clean coal equivalent basis.

Our Business

We are a leading, low-cost producer of high-quality bituminous coal, focused on the extraction and preparation of coal in the Appalachian Basin due to our ability to efficiently produce and deliver large volumes of high-quality coal at competitive prices, the strategic location of our mines and the industry experience of our management team.

Our most significant tangible assets are the PAMC and the CONSOL Marine Terminal. Coal from the PAMC is valued because of its high energy content (as measured in Btu per pound), relatively low levels of sulfur and other impurities, and strong thermoplastic properties that enable it to be used in metallurgical, industrial and power generation applications. We take advantage of these desirable quality characteristics and our extensive logistical network, which is directly served by both the Norfolk Southern Corporation (“Norfolk Southern”) and CSX Transportation Inc. (“CSX”) railroads, coupled with the operational synergies afforded by the CONSOL Marine Terminal, to aggressively market our product to a broad base of strategically selected industrial and metallurgical end users globally. We also continue to support top-performing power plant customers in the eastern United States and abroad.

We are continuing to expand our presence in the metallurgical coal market through our Itmann Mining Complex in West Virginia. The Itmann Preparation Plant was constructed in 2022, began processing coal in late September 2022 and shipped its first train in October 2022. The plant includes a train loadout located on the Guyandotte Class I rail line, which can be served by both Norfolk Southern and CSX.

Our operations, including the PAMC and the CONSOL Marine Terminal, have consistently generated strong cash flows. As of December 31, 2022, the PAMC controls 622.1 million tons of high-quality Pittsburgh seam reserves, enough to allow for more than 20 years of full-capacity production, based on our current estimates. As of December 31, 2022, the Itmann Mining Complex includes 28.7 million tons of recoverable coal reserves that are sufficient to support more than 25 years of full-capacity production, based on our current estimates. In addition, we own or control approximately 1.4 billion tons of Greenfield Reserves and Resources located in the Northern Appalachian Basin (“NAPP”), the Central Appalachian Basin (“CAPP”) and the Illinois Basin (“ILB”). Our vision is to maximize cash flow generation through the safe, compliant, and efficient operation of this core asset base, while strategically reducing debt, returning capital through share buybacks and/or dividends, and, when prudent, allocating capital toward compelling growth and diversification opportunities.

Our core businesses consist of our:

•Pennsylvania Mining Complex: The PAMC, which includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and the Central Preparation Plant, has extensive high-quality coal reserves. We mine our reserves from the Pittsburgh No. 8 Coal Seam, which is a large contiguous formation of high-Btu coal that is ideal for high productivity, low-cost longwall mining operations. The design of the PAMC is optimized to produce large quantities of coal on a cost-efficient basis. We can sustain high production volumes at comparatively low operating costs due to, among other things, our technologically advanced longwall mining systems, logistics infrastructure and safety. All our mines at the PAMC utilize longwall mining, which is a highly automated underground mining technique that produces large volumes of coal at lower costs compared to other underground mining methods.

•CONSOL Marine Terminal: Through our subsidiary CONSOL Marine Terminals LLC, we provide coal export terminal services through the Port of Baltimore. The terminal can either store coal or load coal directly into vessels from rail cars. It is also the only major east coast United States coal terminal served by two railroads, Norfolk Southern and CSX.

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•Itmann Mining Complex: Construction of the Itmann No. 5 Mine, located in Wyoming County, West Virginia, began in the second half of 2019; development mining began in April 2020, but the pace of the project was intentionally slowed to minimize capital spending due to the uncertainties surrounding the COVID-19 pandemic. The coal preparation plant was commissioned during the third quarter of 2022 and shipped its first train in October 2022. The Company anticipates approximately 900 thousand tons per year of high-quality, low-vol coking coal production from the Itmann No. 5 Mine once it achieves its full run rate, with an anticipated mine life of 25+ years. The preparation plant also includes a rail loadout and the capability for processing up to an additional 750 thousand to 1 million saleable tons annually from third parties and mining of our surrounding reserves. This additional processing revenue is expected to provide an avenue of growth for the Company.

These low-cost assets and the diverse markets they serve provide us opportunities to generate cash across a wide variety of demand and pricing scenarios. The three mines at the PAMC typically operate four to five longwalls, and the production from all three mines is processed at a single, centralized preparation plant, which is connected via conveyor belts to each mine. The Central Preparation Plant, which can clean and process up to 8,200 raw tons of coal per hour, provides economies of scale while also maintaining the ability to segregate and blend coal based on quality. This infrastructure enables us to tailor our production levels and quality specifications to meet market demands. It also results in a highly productive, low-cost operation as compared to other NAPP coal mines. As of December 31, 2022, and based on production per employee, the PAMC is one of the most productive and efficient coal mining complexes in NAPP, averaging 7.88 tons of coal production per employee hour for the past two years. Our high productivity helps drive a low-cost structure. Our efficiency strengthens our margins throughout the commodity cycle and has allowed us to continue to generate positive margins even in challenging pricing environments.

Outlook for 2023:

Based on our current contracted position, estimated prices and production plans, we are providing the following updated financial and operating performance guidance for full fiscal year 2023:

•PAMC coal sales volume of 25.5-26.5 million tons

•PAMC average realized coal revenue per ton sold (1) of $76.00 - $80.00

•PAMC average cash cost of coal sold per ton (1) of $34.00-$36.00

•Itmann Mining Complex production volume of 300 thousand to 400 thousand tons

•Capital expenditures of $160 million to $175 million

(1) Average realized coal revenue per ton sold and average cash cost of coal sold per ton are operating ratios derived from non-GAAP financial measures. CONSOL Energy is unable to provide a reconciliation of this guidance to any measures calculated in accordance with GAAP due to the unknown effect, timing and potential significance of certain income statement items.

How We Evaluate Our Operations

Our management team uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. The metrics include: (i) coal production and sales volumes; (ii) realized coal revenue, a non-GAAP financial measure; (iii) cost of coal sold, a non-GAAP financial measure; (iv) cash cost of coal sold, a non-GAAP financial measure; (v) average realized coal revenue per ton sold, an operating ratio derived from non-GAAP financial measures; (vi) average cash cost of coal sold per ton, an operating ratio derived from non-GAAP financial measures; (vii) average cash margin per ton sold, an operating ratio derived from non-GAAP financial measures; (viii) adjusted EBITDA, a non-GAAP financial measure; and (ix) total recurring revenues and other income, a non-GAAP financial measure.

We believe realized coal revenue, average realized coal revenue per ton sold, cost of coal sold, cash cost of coal sold, average cash cost of coal sold per ton, and average cash margin per ton sold normalize the volatility contained within comparable GAAP measures by adjusting for certain non-operating or non-cash transactions. We believe that adjusted EBITDA provides a helpful measure of comparing our operating performance with the performance of other companies that have different financing, capital structures and tax rates than ours. We believe realized coal revenue and average realized coal revenue per ton sold provide useful information to investors because they better reflect our earnings by including the settled costs (or gains) of our commodity derivatives for the period. Each of these non-GAAP metrics are used as supplemental financial measures by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

•our operating performance as compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis, tax rates or capital structure;

•the ability of our assets to generate sufficient cash flow;

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•our ability to incur and service debt and fund capital expenditures;

•the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities; and

•the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

These non-GAAP financial measures should not be considered an alternative to operating and other costs, total coal revenue, net income, or any other measure of financial performance presented in accordance with GAAP. These measures exclude some, but not all, items that affect measures presented in accordance with GAAP, and these measures and the way we calculate them may vary from those of other companies. As a result, the items presented below may not be comparable to similarly titled measures of other companies.

Reconciliation of Non-GAAP Financial Measures

We evaluate our cost of coal sold and cash cost of coal sold on an aggregate basis by segment, and our average cash cost of coal sold per ton on a per-ton basis. Cost of coal sold includes items such as direct operating costs, royalty and production taxes, direct administration costs, and depreciation, depletion and amortization costs on production assets. Cost of coal sold excludes any indirect costs and other costs not directly attributable to the production of coal. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization costs on production assets. We define average cash cost of coal sold per ton as cash cost of coal sold divided by tons sold. The GAAP measure most directly comparable to cost of coal sold, cash cost of coal sold and average cash cost of coal sold per ton is operating and other costs.

The following table presents a reconciliation for the PAMC segment of cash cost of coal sold, cost of coal sold and average cash cost of coal sold per ton to operating and other costs, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Operating and Other Costs	$	276,323	$	229,669	$	813,546	$	692,968
Less: Other Costs (Non-Production and non-PAMC)	(41,379)		(19,681)		(122,937)		(74,553)
Cash Cost of Coal Sold	$	234,944	$	209,988	$	690,609	$	618,415
Add: Depreciation, Depletion and Amortization (PAMC Production)	47,210		45,272		141,351		140,753
Cost of Coal Sold	$	282,154	$	255,260	$	831,960	$	759,168
Total Tons Sold (in millions)	6.1		5.3		19.2		17.9
Average Cost of Coal Sold per Ton	$	46.04	$	48.37	$	43.28	$	42.34
Less: Depreciation, Depletion and Amortization Costs per Ton Sold	7.68		8.60		7.25		7.88
Average Cash Cost of Coal Sold per Ton	$	38.36	$	39.77	$	36.03	$	34.46

We evaluate our average realized coal revenue per ton sold and average cash margin per ton sold on a per-ton basis. We define realized coal revenue as total coal revenue, net of settlements of commodity derivatives. We define average realized coal revenue per ton sold as total coal revenue, net of settlements of commodity derivatives divided by tons sold. We define average cash margin per ton sold as average realized coal revenue per ton sold, net of average cash cost of coal sold per ton. The GAAP measure most directly comparable to realized coal revenue, average realized coal revenue per ton sold and average cash margin per ton sold is total coal revenue.

The following table presents a reconciliation for the PAMC segment of realized coal revenue, average realized coal revenue per ton sold and average cash margin per ton sold to total coal revenue, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total Coal Revenue (PAMC Segment)	$	431,090	$	465,643	$	1,515,603	$	1,457,595
Less: Settlements of Commodity Derivatives	—		(81,311)		—		(241,486)
Realized Coal Revenue	431,090		384,332		1,515,603		1,216,109
Operating and Other Costs	276,323		229,669		813,546		692,968
Less: Other Costs (Non-Production and non-PAMC)	(41,379)		(19,681)		(122,937)		(74,553)
Cash Cost of Coal Sold	$	234,944	$	209,988	690,609		618,415
Total Tons Sold (in millions)	6.1		5.3		19.2		17.9
Average Realized Coal Revenue per Ton Sold	$	70.34	$	72.83	$	78.85	$	67.81
Less: Average Cash Cost of Coal Sold per Ton	38.36		39.77		36.03		34.46
Average Cash Margin per Ton Sold	$	31.98	$	33.06	$	42.82	$	33.35

We define adjusted EBITDA as (i) net income (loss) plus income taxes, interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as stock-based compensation, loss on debt extinguishment and fair value adjustments of commodity derivative instruments. The GAAP measure most directly comparable to adjusted EBITDA is net income (loss).

The following tables present a reconciliation of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).


	Three Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	132,442	$	12,098	$	(43,815)	$	100,725

Add: Income Tax Expense	—		—		21,032		21,032
Add: Interest Expense	—		1,524		5,121		6,645
Less: Interest Income	(723)		—		(3,301)		(4,024)
Earnings (Loss) Before Interest & Taxes (EBIT)	131,719		13,622		(20,963)		124,378

Add: Depreciation, Depletion & Amortization	50,663		1,181		6,948		58,792

Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA)	$	182,382	$	14,803	$	(14,015)	$	183,170

Adjustments:
Add: Stock-Based Compensation	$	1,408	$	50	$	218	$	1,676
Add: Loss on Debt Extinguishment	—		—		662		662
Total Pre-tax Adjustments	1,408		50		880		2,338

Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508

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	Three Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	210,855	$	5,602	$	(64,336)	$	152,121

Add: Income Tax Expense	—		—		39,414		39,414
Add: Interest Expense	—		1,528		10,434		11,962
Less: Interest Income	(437)		—		(1,104)		(1,541)
Earnings (Loss) Before Interest & Taxes (EBIT)	210,418		7,130		(15,592)		201,956

Add: Depreciation, Depletion & Amortization	49,316		1,149		4,308		54,773

Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA)	$	259,734	$	8,279	$	(11,284)	$	256,729

Adjustments:
Add: Stock-Based Compensation	$	1,028	$	49	$	147	$	1,224
Add: Loss on Debt Extinguishment	—		—		674		674
Add: Equity Affiliate Adjustments	—		—		3,500		3,500
Less: Fair Value Adjustment of Commodity Derivative Instruments	(81,246)		—		—		(81,246)
Total Pre-tax Adjustments	(80,218)		49		4,321		(75,848)

Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881


	Nine Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	627,053	$	50,981	$	(179,209)	$	498,825

Add: Income Tax Expense	—		—		100,199		100,199
Add: Interest Expense	—		4,576		19,503		24,079
Less: Interest Income	(1,644)		—		(7,758)		(9,402)
Earnings (Loss) Before Interest & Taxes (EBIT)	625,409		55,557		(67,265)		613,701

Add: Depreciation, Depletion & Amortization	152,302		3,513		27,056		182,871

Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA)	$	777,711	$	59,070	$	(40,209)	$	796,572

Adjustments:
Add: Stock-Based Compensation	$	7,108	$	254	$	1,099	$	8,461
Add: Loss on Debt Extinguishment	—		—		2,725		2,725
Total Pre-tax Adjustments	7,108		254		3,824		11,186

Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758

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	Nine Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	372,408	$	29,569	$	(128,015)	$	273,962

Add: Income Tax Expense	—		—		59,115		59,115
Add: Interest Expense	205		4,589		34,641		39,435
Less: Interest Income	(1,304)		—		(3,005)		(4,309)
Earnings (Loss) Before Interest & Taxes (EBIT)	371,309		34,158		(37,264)		368,203

Add: Depreciation, Depletion & Amortization	149,737		3,456		15,414		168,607

Earnings (Loss) Before Interest, Taxes and DD&A (EBITDA)	$	521,046	$	37,614	$	(21,850)	$	536,810

Adjustments:
Add: Stock-Based Compensation	$	5,622	$	268	$	804	$	6,694
Add: Loss on Debt Extinguishment	—		—		4,361		4,361
Add: Equity Affiliate Adjustments	—		—		3,500		3,500
Add: Fair Value Adjustment of Commodity Derivative Instruments	15,085		—		—		15,085
Total Pre-tax Adjustments	20,707		268		8,665		29,640

Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450

We define total recurring revenues and other income as total revenue and other income, less fair value adjustments of commodity derivatives and gains/losses on sales of assets. The GAAP measure most directly comparable to total recurring revenues and other income is total revenue and other income. The following table presents a reconciliation of total recurring revenues and other income to total revenue and other income, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Total Revenue and Other Income	$	569,864	$	561,638	$	1,919,438	$	1,464,786
Less: Fair Value Adjustments of Commodity Derivatives	—		(81,246)		—		15,085
Less: Gain on Sale of Assets	(1,346)		(26,548)		(7,082)		(33,094)
Total Recurring Revenues and Other Income	$	568,518	$	453,844	$	1,912,356	$	1,446,777

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Results of Operations: Three Months Ended September 30, 2023 Compared with the Three Months Ended September 30, 2022

Revenue and Other Income


	Three Months Ended September 30,
(in millions)	2023		2022			Variance
Coal Revenue - PAMC	$	431	$	466		$	(35)
Coal Revenue - Itmann Mining Complex	19		7			12
Terminal Revenue	23		15			8
Freight Revenue	68		43			25
Total Revenues from Contracts with Customers	541		531			10
Loss on Commodity Derivatives, net	—		—			—
Miscellaneous Other Income	28		5			23
Gain on Sale of Assets	1		26		(25)	(25)
Total Revenue and Other Income	$	570	$	562		$	8

Revenues from Contracts with Customers

Revenues from contracts with customers were $541 million for the three months ended September 30, 2023, compared to $531 million for the three months ended September 30, 2022.

On a consolidated basis, coal revenue for the three months ended September 30, 2023 was $450 million, which consisted of $431 million from the Pennsylvania Mining Complex and $19 million from the Itmann Mining Complex. The $450 million of coal revenue was sold into the following markets: $206 million into power generation, $181 million into industrial, and $63 million into metallurgical. The Company had consolidated coal revenue of $473 million for the three months ended September 30, 2022, which consisted of $466 million from the Pennsylvania Mining Complex and $7 million from the Itmann Mining Complex. The $473 million of coal revenue was sold into the following markets: $350 million into power generation, $56 million into industrial, and $67 million into metallurgical.

Historically, the majority of the Company's production was directed toward its established base of domestic power plant customers, many of which were secured through spot, annual or multi-year contracts. The domestic power generation market has experienced reduced consumption in recent years as a result of depressed domestic natural gas pricing. The Company maintains flexibility to diversify its portfolio by placing a growing portion of its production in the export markets, where it sells to power generation, industrial, and metallurgical end-users. These markets tend to provide the Company with pricing upside when markets are strong and with volume stability when markets are weak. In the three months ended September 30, 2023, the Company placed 3.8 million tons of coal, or 60% of its total tons sold, into the export market. Comparatively, in the three months ended September 30, 2022, the Company placed 2.2 million tons of coal, or 41% of its total tons sold, into the export market. Furthermore, when excluding fair value adjustments of commodity derivatives and gains/losses on sales of assets, 64% of the Company's total recurring revenues and other income (a non-GAAP measure; see “How We Evaluate Our Operations - Reconciliation of Non-GAAP Financial Measures” above for an explanation and reconciliation of these amounts to the nearest GAAP measure) were derived from non-power generation applications during the three months ended September 30, 2023, compared to 23% for the three months ended September 30, 2022. See “Operational Performance” for further information about segment results.

The Company’s Terminal revenue consists of fees charged for coal loaded at the CONSOL Marine Terminal, which is located in the Port of Baltimore, Maryland, and provides access to international coal markets. Terminal revenues are generated from providing transloading services from rail to vessel or barge, temporary storage or stockpile facilities, as well as blending, weighing, and sampling. Terminal revenues were $23 million for the three months ended September 30, 2023, compared to $15 million for the three months ended September 30, 2022. See “Operational Performance - CONSOL Marine Terminal Analysis” for further information about segment results.

The Company recognizes freight revenue as the amount billed to customers for transportation costs incurred. This revenue is based on the weight of coal shipped, negotiated freight rates and method of transportation, primarily rail, used by the customers to which the Company contractually provides transportation services to move its coal from the mine to the ultimate sales point. Freight revenue is completely offset by freight expense. Freight revenue and freight expense were both $68 million for the three months ended September 30, 2023, compared to $43 million for the three months ended

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September 30, 2022. The $25 million increase was primarily related to increased transportation costs associated with the aforementioned increase of sales into the export market.

Loss on Commodity Derivatives, net

As of December 31, 2022, all of the Company's coal-related derivative contracts have settled and the Company has not entered into any additional coal-related derivative contracts. During the three months ended September 30, 2022, the Company settled a portion of its coal-related derivatives at a loss of $81 million and recognized fair value adjustments of its commodity derivative instruments of $81 million. See “Operational Performance - PAMC Analysis” for further information about segment results.

Miscellaneous Other Income

Miscellaneous other income was $28 million for the three months ended September 30, 2023, compared to $5 million for the three months ended September 30, 2022. The change is due to the following items:


	Three Months Ended September 30,
	2023		2022		Variance
Contract Buyouts	$	16	$	—	$	16
Interest Income	4		2		2
Royalty Income - Non-Operated Coal	2		2		—
Other Income	6		1		5
Miscellaneous Other Income	$	28	$	5	$	23

Contract buyout income was primarily the result of partial contract buyouts that involved negotiations to reduce coal quantities several customers were otherwise obligated to purchase under contracts in exchange for payment of certain fees to the Company and did not impact forward contract terms.

Gain on Sale of Assets

Gain on sale of assets was $1 million for the three months ended September 30, 2023, compared to $26 million for the three months ended September 30, 2022. The $25 million decrease was due to the sale of certain coal assets during the three months ended September 30, 2022.

Operating and Other Costs

On a consolidated basis, operating and other costs were $276 million for the three months ended September 30, 2023, compared to $230 million for the three months ended September 30, 2022. Operating and other costs increased in the period-to-period comparison due to the following items:


	Three Months Ended September 30,
	2023		2022		Variance
Operating Costs - PAMC	$	235	$	210	$	25
Operating Costs - Itmann Mining Complex	21		6		15
Operating Costs - Terminal	7		7		—
Employee-Related Legacy Liability Expense	3		2		1
Coal Reserve Holding Costs	3		3		—
Closed and Idle Mines	1		1		—
Equity Affiliate Adjustments	—		4		(4)
Other	6		(3)		9
Operating and Other Costs	$	276	$	230	$	46

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Operating costs for the Pennsylvania Mining Complex include items such as direct operating costs, royalties and production taxes and direct administration costs. In the period-to-period comparison, operating costs - PAMC increased $25 million, primarily due to the added costs of the fifth longwall, which was brought online in the fourth quarter of 2022, and ongoing inflationary pressures. See “Operational Performance - PAMC Analysis” for further information on segment operating costs.

Operating costs for the Itmann Mining Complex primarily consist of costs related to produced tons sold, development costs absorbed by the coal revenue generated during development, and costs incurred to purchase third-party metallurgical coal to blend with Itmann coal. Operating costs - Itmann Mining Complex include items such as direct development and operating costs, royalties and production taxes, hauling of raw coal and direct administration costs. The $15 million increase in operating costs - Itmann Mining Complex was primarily due to an increase in the volume of coal produced and purchased as the operations continued to transition from development mining to the production phase.

Operating costs - Terminal primarily consist of costs related to throughput tons at the CONSOL Marine Terminal, which were consistent in the period-to-period comparison. See “Operational Performance - CONSOL Marine Terminal Analysis” for further information on segment operating costs.

Other costs consist of items that are not related to the Company's mining or terminal operations. Other costs increased $9 million in the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was primarily attributable to additional costs incurred in the current quarter across various categories, none of which were individually material.

Depreciation, Depletion, and Amortization

On a consolidated basis, depreciation, depletion and amortization costs were $59 million for the three months ended September 30, 2023, compared to $55 million for the three months ended September 30, 2022. Approximately $2 million of the increase in depreciation, depletion and amortization in the period-to-period comparison was due to the commissioning of the Itmann Preparation Plant and the transition from development mining to the production phase. The remaining $2 million of the increase was due to various other assets placed in service during the current quarter, none of which were individually significant.

General and Administrative Costs

On a consolidated basis, general and administrative costs were $37 million for the three months ended September 30, 2023, compared to $30 million for the three months ended September 30, 2022. The $7 million increase in the period-to-period comparison was primarily related to increased expense under the long-term incentive compensation plan incurred in the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to fluctuations in the Company's share price during each of the respective periods.

Interest Expense

On a consolidated basis, interest expense, net of amounts capitalized, was $7 million for the three months ended September 30, 2023, compared to $12 million for the three months ended September 30, 2022. The decrease in the period-to-period comparison was primarily due to less debt outstanding as the Company continued its de-leveraging efforts.

Operational Performance: Three Months Ended September 30, 2023 Compared with the Three Months Ended September 30, 2022

CONSOL Energy presently consists of two reportable segments, the PAMC and the CONSOL Marine Terminal. The PAMC includes the Bailey Mine, the Enlow Fork Mine, the Harvey Mine and a centralized preparation plant. The PAMC segment's principal activities include the mining, preparation and marketing of bituminous coal, sold primarily to power generators, industrial end-users and metallurgical end-users. The segment also includes general and administrative activities and interest expense, as well as various other activities assigned to the PAMC segment, but not included in the cost components on a per unit basis. The CONSOL Marine Terminal segment provides coal export terminal services through the Port of Baltimore. The segment also includes general and administrative activities and interest expense, as well as various other activities assigned to the CONSOL Marine Terminal segment.

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The following table presents results by reportable segment for each of the periods indicated.


	Three Months Ended September 30,
	2023		2022		Variance
PAMC
Total Tons Produced (in millions)	6.1		5.3		0.8
Total Tons Sold (in millions)	6.1		5.3		0.8
Average Realized Coal Revenue per Ton Sold(1)	$	70.34	$	72.83	$	(2.49)
Average Cash Cost of Coal Sold per Ton(1)	$	38.36	$	39.77	$	(1.41)
Average Cash Margin per Ton Sold(1)	$	31.98	$	33.06	$	(1.08)
Adjusted EBITDA (in thousands)(1)	$	183,790	$	179,516	$	4,274

CONSOL Marine Terminal
Throughput Tons (in millions)	4.3		2.7		1.6
Adjusted EBITDA (in thousands)(1)	$	14,853	$	8,328	$	6,525

(1) Adjusted EBITDA is a non-GAAP financial measure, and average realized coal revenue per ton sold, average cash cost of coal sold per ton and average cash margin per ton sold are operating ratios derived from non-GAAP financial measures. See “How We Evaluate Our Operations - Reconciliation of Non-GAAP Financial Measures” above for an explanation and reconciliation of these amounts to the nearest GAAP measures.

PAMC ANALYSIS:

Coal Production

The table below presents total tons produced (in thousands) from the Pennsylvania Mining Complex for the periods indicated:


	Three Months Ended September 30,
Mine	2023	2022	Variance
Bailey	2,115	2,388	(273)
Enlow Fork	2,206	1,191	1,015
Harvey	1,814	1,688	126
Total	6,135	5,267	868

Coal production was 6.1 million tons for the three months ended September 30, 2023, compared to 5.3 million tons for the three months ended September 30, 2022. The PAMC's coal production increased in the period-to-period comparison primarily due to the completion of development of the Company's fifth longwall at the PAMC toward the end of the fourth quarter of 2022; it is now fully operational.

Coal Operations

Adjusted EBITDA for the three months ended September 30, 2023 was $184 million, compared to $180 million for the three months ended September 30, 2022. Realized coal revenue for the three months ended September 30, 2023 was $431 million compared to $384 million for the three months ended September 30, 2022. The improvement was mainly driven by a 0.8 million increase in tons sold due to the availability of the fifth longwall, which provided additional production capacity and operational flexibility compared to the prior-year period. Additionally, the Company negotiated partial buyouts of some coal volumes from customer coal contracts in exchange for the payment of certain fees during the three months ended September 30, 2023, which contributed $16 million to miscellaneous other income compared to recognizing coal revenue during the current quarter if the Company's customers had not bought out these partial coal volumes. The Company's realized coal revenue for the three months ended September 30, 2022 was also impacted by the settlement of certain commodity derivatives at a loss of $81 million. All of the Company's commodity derivatives were settled as of December 31, 2022 (see Note 14 - Derivatives in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q). Cash cost of coal sold was $235 million for the three months ended September 30, 2023, compared to $210 million for the three months ended September 30, 2022. The increase was primarily

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due to the added costs of the fifth longwall, which was brought online in the fourth quarter of 2022, and ongoing inflationary pressures. The cash cost of coal sold per ton improved $1.41 per ton in the period-to-period comparison due to improved operational performance.

CONSOL MARINE TERMINAL ANALYSIS:

Adjusted EBITDA for the three months ended September 30, 2023 was $15 million, compared to $8 million for the three months ended September 30, 2022. Throughput volumes at the CONSOL Marine Terminal were 4.3 million tons for the three months ended September 30, 2023, compared to 2.7 million tons for the three months ended September 30, 2022. CONSOL Marine Terminal revenue was $23 million for the three months ended September 30, 2023 compared to $15 million for the three months ended September 30, 2022, due to the significantly increased throughput tonnage, which was primarily a result of the shift of Pennsylvania Mining Complex sales into the export market.

Results of Operations: Nine Months Ended September 30, 2023 Compared with the Nine Months Ended September 30, 2022

Revenue and Other Income


	Nine Months Ended September 30,
(in millions)	2023		2022		Variance
Coal Revenue - PAMC	$	1,516	$	1,458	$	58
Coal Revenue - Itmann Mining Complex	58		24		34
Terminal Revenue	81		58		23
Freight Revenue	217		131		86
Total Revenues from Contracts with Customers	1,872		1,671		201
Loss on Commodity Derivatives, net	—		(256)		256
Miscellaneous Other Income	40		17		23
Gain on Sale of Assets	7		33		(26)
Total Revenue and Other Income	$	1,919	$	1,465	$	454

Revenues from Contracts with Customers

Revenues from contracts with customers were $1,872 million for the nine months ended September 30, 2023, compared to $1,671 million for the nine months ended September 30, 2022.

On a consolidated basis, coal revenue for the nine months ended September 30, 2023 was $1,574 million, which consisted of $1,516 million from the Pennsylvania Mining Complex and $58 million from the Itmann Mining Complex. The $1,574 million of coal revenue was sold into the following markets: $747 million into power generation, $590 million into industrial, and $237 million into metallurgical. The Company had consolidated coal revenue of $1,482 million for the nine months ended September 30, 2022, which consisted of $1,458 million from the Pennsylvania Mining Complex and $24 million from the Itmann Mining Complex. The $1,482 million of coal revenue was sold into the following markets: $921 million into power generation, $327 million into industrial, and $234 million into metallurgical.

Historically, the majority of the Company's production was directed toward its established base of domestic power plant customers, many of which were secured through spot, annual or multi-year contracts. The domestic coal-fired power generation market has experienced reduced consumption in recent years as a result of depressed domestic natural gas pricing. The Company maintains flexibility to diversify its portfolio by placing a growing portion of its production in the export markets, where it sells to industrial, power generation and metallurgical end-users. These markets tend to provide the Company with pricing upside when markets are strong and with volume stability when markets are weak. In the nine months ended September 30, 2023, the Company placed 12.1 million tons of coal, or 62% of its total tons sold, into the export market. Comparatively, in the nine months ended September 30, 2022, the Company placed 7.9 million tons of coal, or 44% of its total tons sold, into the export market. Furthermore, when excluding fair value adjustments of commodity derivatives and gains/losses on sales of assets, 61% of the Company's total recurring revenues and other income (a non-GAAP measure; see “How We Evaluate Our Operations - Reconciliation of Non-GAAP Financial Measures” above for an explanation and reconciliation of these amounts to the nearest GAAP measure) were derived from non-power generation applications during the nine months ended September 30, 2023, compared to 36% for the nine months ended September 30, 2022. See “Operational Performance” for further information about segment results.

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The Company’s Terminal revenue consists of fees charged for coal loaded at the CONSOL Marine Terminal, which is located in the Port of Baltimore, Maryland and provides access to international coal markets. Terminal revenues are generated from providing transloading services from rail to vessel or barge, temporary storage or stockpile facilities, as well as blending, weighing, and sampling. Terminal revenues were $81 million for the nine months ended September 30, 2023 compared to $58 million for the nine months ended September 30, 2022. See “Operational Performance - CONSOL Marine Terminal Analysis” for further information about segment results.

The Company recognizes freight revenue as the amount billed to customers for transportation costs incurred. This revenue is based on the weight of coal shipped, negotiated freight rates and method of transportation, primarily rail, used by the customers to which the Company contractually provides transportation services to move its coal from the mine to the ultimate sales point. Freight revenue is completely offset by freight expense. Freight revenue and freight expense were both $217 million for the nine months ended September 30, 2023, compared to $131 million for the nine months ended September 30, 2022. The $86 million increase was primarily related to increased transportation costs associated with the aforementioned increase of sales into the export market.

Loss on Commodity Derivatives, net

As of December 31, 2022, all of the Company's coal-related derivative contracts have settled and the Company has not entered into any additional coal-related derivative contracts. During the nine months ended September 30, 2022, the Company settled a portion of its coal-related derivatives at a loss of $241 million and recognized fair value adjustments of its commodity derivative instruments of $15 million. See “Operational Performance - PAMC Analysis” for further information about segment results.

Miscellaneous Other Income

Miscellaneous other income was $40 million for the nine months ended September 30, 2023, compared to $17 million for the nine months ended September 30, 2022. The change is due to the following items:


	Nine Months Ended September 30,
	2023		2022		Variance
Contract Buyouts	$	16	$	—	$	16
Interest Income	9		4		5
Royalty Income - Non-Operated Coal	7		7		—
Other Income	8		6		2
Miscellaneous Other Income	$	40	$	17	$	23

Interest income increased primarily due to the Company's investment in marketable debt securities, primarily comprised of highly liquid U.S. Treasury securities, during the nine months ended September 30, 2023.

Gain on Sale of Assets

Gain on sale of assets was $7 million for the nine months ended September 30, 2023, compared to $33 million for the nine months ended September 30, 2022. The $26 million decrease was due to the sale of certain coal assets during the nine months ended September 30, 2022.

Operating and Other Costs

On a consolidated basis, operating and other costs were $814 million for the nine months ended September 30, 2023, compared to $693 million for the nine months ended September 30, 2022. Operating and other costs increased in the period-to-period comparison due to the following items:

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	Nine Months Ended September 30,
	2023		2022		Variance
Operating Costs - PAMC	$	691	$	618	$	73
Operating Costs - Itmann Mining Complex	71		18		53
Operating Costs - Terminal	20		18		2
Employee-Related Legacy Liability Expense	9		5		4
Coal Reserve Holding Costs	8		8		—
Closed and Idle Mines	4		3		1
Equity Affiliate Adjustments	—		4		(4)
Other	11		19		(8)
Operating and Other Costs	$	814	$	693	$	121

Operating costs for the Pennsylvania Mining Complex include items such as direct operating costs, royalties and production taxes and direct administration costs. In the period-to-period comparison, operating costs - PAMC increased $73 million, primarily due to additional production, as the fifth longwall was brought online in the fourth quarter of 2022, and ongoing inflationary pressures. See “Operational Performance - PAMC Analysis” for further information on segment operating costs.

Operating costs for the Itmann Mining Complex primarily consist of costs related to produced tons sold, development costs absorbed by the coal revenue generated during development, and costs incurred to purchase third-party metallurgical coal to blend with Itmann coal. Operating costs - Itmann Mining Complex include items such as direct development and operating costs, royalties and production taxes, hauling of raw coal and direct administration costs. The $53 million increase in operating costs - Itmann Mining Complex was primarily due to an increase in the volume of coal produced and purchased as the operations continued to transition from development mining to the production phase as well as increased construction activity for the development of mains.

Operating costs - Terminal primarily consist of costs related to throughput tons at the CONSOL Marine Terminal. The $2 million increase was due to a significant increase in throughput tonnage. See “Operational Performance - CONSOL Marine Terminal Analysis” for further information on segment operating costs.

Other costs consist of items that are not related to the Company's mining or terminal operations. Other costs decreased $8 million in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily attributable to a decrease in current year costs related to discretionary employee benefit expenses.

Depreciation, Depletion, and Amortization

On a consolidated basis, depreciation, depletion and amortization costs were $183 million for the nine months ended September 30, 2023, compared to $169 million for the nine months ended September 30, 2022. Approximately $6 million of the increase in depreciation, depletion and amortization in the period-to-period comparison was attributable to current year adjustments to the Company's asset retirement obligations based on current projected cash outflows. Approximately $5 million of the increase was due to the commissioning of the Itmann Preparation Plant and the transition from development mining to the production phase in late 2022. The remaining $3 million of the increase was due to various other assets placed in service during the current year, none of which were individually significant.

General and Administrative Costs

On a consolidated basis, general and administrative costs were $80 million for the nine months ended September 30, 2023, compared to $95 million for the nine months ended September 30, 2022. The $15 million decrease in the period-to-period comparison was primarily related to decreased expense under the long-term incentive compensation plan incurred in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, primarily due to fluctuations in the Company's share price during each of the respective periods.

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Interest Expense

On a consolidated basis, interest expense, net of amounts capitalized, was $24 million for the nine months ended September 30, 2023, compared to $39 million for the nine months ended September 30, 2022. The decrease in the period-to-period comparison was primarily due to less debt outstanding as the Company continued its de-leveraging efforts.

Operational Performance: Nine Months Ended September 30, 2023 Compared with the Nine Months Ended September 30, 2022

The following table presents results by reportable segment for each of the periods indicated.


	Nine Months Ended September 30,
	2023		2022		Variance
PAMC
Total Tons Produced (in millions)	19.5		17.9		1.6
Total Tons Sold (in millions)	19.2		17.9		1.3
Average Realized Coal Revenue per Ton Sold(1)	$	78.85	$	67.81	$	11.04
Average Cash Cost of Coal Sold per Ton(1)	$	36.03	$	34.46	$	1.57
Average Cash Margin per Ton Sold(1)	$	42.82	$	33.35	$	9.47
Adjusted EBITDA (in thousands)(1)	$	784,819	$	541,753	$	243,066

CONSOL Marine Terminal
Throughput Tons (in millions)	14.2		10.1		4.1
Adjusted EBITDA (in thousands)(1)	$	59,324	$	37,882	$	21,442

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PAMC ANALYSIS:

Coal Production

The table below presents total tons produced (in thousands) from the Pennsylvania Mining Complex for the periods indicated:


	Nine Months Ended September 30,
Mine	2023	2022	Variance
Bailey	8,171	8,577	(406)
Enlow Fork	6,936	4,698	2,238
Harvey	4,398	4,576	(178)
Total	19,505	17,851	1,654

Coal production was 19.5 million tons for the nine months ended September 30, 2023, compared to 17.9 million tons for the nine months ended September 30, 2022. Despite bottlenecking issues at the central preparation plant and operational delays associated with multiple longwall moves that weighed on the Company's production during the nine months ended September 30, 2023, the PAMC's coal production increased in the period-to-period comparison primarily due to the completion of development of the Company's fifth longwall at the PAMC toward the end of the fourth quarter of 2022; it is now fully operational.

Coal Operations

Adjusted EBITDA for the nine months ended September 30, 2023 was $785 million, compared to $542 million for the nine months ended September 30, 2022. The improvement was primarily attributable to a $11.04 increase in average realized coal revenue per ton sold, as well as a 1.3 million ton increase in tons sold, partially offset by a $1.57 increase in the average cash cost of coal sold per ton. The increase in average realized coal revenue per ton sold is directly attributable to the Company's strong contracted position and flexibility to place its coal sales into the export market that has yielded a better arbitrage for its product than the domestic market. Specifically in the domestic market, the carryover effect of mild winter weather during the first quarter of 2023, which contributed to increased power plant coal stockpiles and natural gas inventory build, with corresponding softening in coal, natural gas and power prices, led to softening demand for coal-fired electricity generation during the first quarter of 2023. This, in turn, reduced the need for restocking during the second quarter, which is traditionally a shoulder season characterized by reduced electric power demand, putting further pressure on natural gas prices, which is a competitor to the Company's coal product. Coal demand for the power generation markets remained somewhat muted during the third quarter of 2023, but showed some improvement in comparison to the second quarter of 2023. As a result, the Company continued its pivot away from the domestic market and into stronger export markets. The Company's realized coal revenue for the nine months ended September 30, 2022 was also impacted by the settlement of certain commodity derivatives at a loss of $241 million. All of the Company's commodity derivatives were settled as of December 31, 2022 (see Note 14 - Derivatives in the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q). The increase in the average cash cost of coal sold per ton was primarily due to ongoing inflationary pressures on supplies, maintenance costs and labor costs compared to the prior-year period.

CONSOL MARINE TERMINAL ANALYSIS:

Adjusted EBITDA for the nine months ended September 30, 2023 was $59 million, compared to $38 million for the nine months ended September 30, 2022. Throughput volumes at the CONSOL Marine Terminal were 14.2 million tons for the nine months ended September 30, 2023, compared to 10.1 million tons for the nine months ended September 30, 2022. CONSOL Marine Terminal revenue was $81 million for the nine months ended September 30, 2023, compared to $58 million for the nine months ended September 30, 2022, due to significantly increased throughput tonnage, which was primarily a result of the shift of Pennsylvania Mining Complex sales into the export market.

Liquidity and Capital Resources

CONSOL Energy's potential sources of liquidity include cash generated from operations, cash on hand, short-term investments of U.S Treasury securities, borrowings under the revolving credit facility and securitization facility (which are discussed below), and, if necessary, the ability to issue additional equity or debt securities. The Company believes that cash generated from these sources, without needing to issue additional equity or debt securities, will be sufficient to meet its short-term working capital requirements, long-term capital expenditure requirements, and debt servicing obligations, as well as to provide required letters of credit.

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During the second quarter of 2023, the Company amended its revolving credit facility to achieve additional financial flexibility by increasing the capacity of the facility and easing certain restrictive covenants, specifically around investments and shareholder returns. These covenants have been simplified to better align with the significantly improved credit profile of the business and are now leverage and liquidity-based moving forward. The Company was successful in securing incremental commitments in the amount of $95 million, which includes commitments from multiple new lenders to the facility and upsized commitments from 60% of existing lenders. The revolving credit facility now has a borrowing capacity of $355 million and provides for the Company's ability to increase the revolving commitments or issue term loans in an additional amount not to exceed $45 million and up to an aggregate total amount of $400 million.

During the third quarter of 2023, despite the overall softness in the coal markets, the Company began to see some improvement in coal demand compared to very weak demand during the second quarter of 2023. However, pricing for the Company's coal remained elevated compared to historical norms. These higher prices are bolstering the Company's cash flows, which has allowed the Company to accelerate debt reduction and shareholder return objectives. As a result, interest expense and debt servicing costs are declining. These factors will allow the Company to continue to opportunistically reduce its debt levels and return capital to stockholders in the form of stock repurchases and/or dividends. During the three months ended September 30, 2023, the Company generated cash flows from operating activities of approximately $163 million and utilized a portion of operating cash flows to retire outstanding indebtedness. More specifically, the Company made debt repayments of $24 million to fully retire its Second Lien Notes (as defined below) and $6 million on its equipment-financed and other debt. Our total liquidity as of September 30, 2023 was comprised of the following:


(in millions)	September 30, 2023
Cash and Cash Equivalents	$	168
Short-Term Investments	81
	249
Revolving Credit Facility - Current Availability	355
Less: Letters of Credit Outstanding	(139)
Total Liquidity	$	465

Events that negatively impact our overall financial condition and liquidity could result in our inability to comply with our credit facility's financial covenants. This could limit our access to our credit facilities if we are unable to obtain waivers from our lenders or amend the credit facilities. Additionally, access to capital remains challenging for the Company's industry as a result of banking, institutional and investor environmental, social and governance (ESG) requirements and limitations, which tend to discourage investment in coal and other fossil fuel companies. However, the Company expects to maintain adequate liquidity through its operating cash flow, cash and cash equivalents on hand, and short-term investments, as well as its revolving credit facility and securitization facility, to fund its working capital and capital expenditures in the short-term and long-term.

Uncertainty in the financial markets brings additional potential risks to CONSOL Energy. These risks include a reduction of our ability to raise capital in the equity markets, less availability and higher costs of additional credit and potential counterparty defaults. Overall market disruptions, including as a result of recent or additional bank failures, rising interest rates and sustained high inflation, may impact the Company's collection of trade receivables. As a result, CONSOL Energy regularly monitors the creditworthiness of its customers and counterparties and manages credit exposure through payment terms, credit limits, prepayments and security.

Over the past few years, the insurance and surety markets have been increasingly challenging, particularly for coal companies. We have experienced rising premiums, reduced coverage and/or fewer providers willing to underwrite policies and surety bonds. Terms have generally become more unfavorable, including increases in the amount of collateral required to secure surety bonds. However, more recently, we have seen insurance rates stabilize and even decrease on certain lines of coverage, as new insurance carriers have entered the market. Further cost burdens on our ability to maintain adequate insurance and bond coverage may adversely impact our operations, financial position and liquidity.

CONSOL Energy participates in the UMWA Combined Benefit Fund and the UMWA 1992 Benefit Plan for which benefits are reflected in the Company's consolidated financial statements when paid. These benefit arrangements may result in additional liabilities that are not recognized on the Consolidated Balance Sheet at September 30, 2023. The various multi-employer benefit plans are discussed in Note 17—Other Employee Benefit Plans in the Notes to the Consolidated Financial Statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. CONSOL Energy's total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $1 million and $1 million for the three months ended September 30, 2023 and 2022, respectively. CONSOL Energy's total contributions under the Coal Industry Retiree Health Benefit Act of 1992 were $3 million and $3 million for the nine months ended

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September 30, 2023 and 2022, respectively. Based on available information at December 31, 2022, CONSOL Energy's aggregate obligation for the UMWA Combined Benefit Fund and 1992 Benefit Plan is estimated to be approximately $39 million. CONSOL Energy also uses a combination of surety bonds, corporate guarantees and letters of credit to secure its financial obligations for employee-related, environmental, performance and various other items which are not reflected on the Consolidated Balance Sheet at September 30, 2023. Management believes these items will expire without being funded. See Note 13—Commitments and Contingent Liabilities in the Notes to the Consolidated Financial Statements included in Item 1 of this Form 10-Q for additional details of the various financial guarantees that have been issued by CONSOL Energy.

Cash Flows (in millions)


	Nine Months Ended September 30,
	2023		2022		Change
Cash Provided by Operating Activities	$	639	$	500	$	139
Cash Used in Investing Activities	$	(196)	$	(116)	$	(80)
Cash Used in Financing Activities	$	(554)	$	(261)	$	(293)

Cash provided by operating activities increased $139 million in the period-to-period comparison, primarily due to a $241 million increase in adjusted EBITDA, a non-GAAP financial measure, offset by other working capital changes that occurred throughout both periods.

Cash used in investing activities increased $80 million in the period-to-period comparison, primarily due to a net investment of $78 million into U.S Treasury securities during the nine months ended September 30, 2023. Capital expenditures decreased $16 million primarily due to the completion of construction of the Itmann preparation plant, which was commissioned during the third quarter of 2022, partially offset by an increase in equipment-related expenditures and expenditures associated with the solid waste disposal project. Additionally, proceeds from the sale of assets decreased approximately $14 million, primarily due to the sale of certain coal assets during the nine months ended September 30, 2022. Further details regarding the Company's capital expenditures are set forth below.


	Nine Months Ended September 30,
	2023		2022		Change
Building and Infrastructure	$	41	$	84	$	(43)
Equipment Purchases and Rebuilds	50		28		22
Solid Waste Disposal Project	20		11		9
IS&T Infrastructure	1		2		(1)
Other	6		9		(3)
Total Capital Expenditures	$	118	$	134	$	(16)

Cash used in financing activities increased $293 million in the period-to-period comparison primarily driven by $277 million in CONSOL Energy share repurchases during the nine months ended September 30, 2023, including $8 million for the settlement of shares repurchased on December 29 and 30, 2022. No such repurchases were made during the nine months ended September 30, 2022. Additionally, dividend payments increased $41 million during the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. These increases were partially offset by a $28 million decrease in net payments on indebtedness in the period-to-period comparison primarily due to the payoff of the Term Loan A and Term Loan B Facilities in June 2022 and June 2023, respectively. However, this was partially offset by an increase in payments in the period-to-period comparison to fully redeem the remaining balance of the Company's Second Lien Notes in July 2023.

Revolving Credit Facility

In November 2017, CONSOL Energy entered into a revolving credit facility with PNC Bank, N.A. (the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in June 2023. This amendment increased the available revolving commitments from $260 million to $355 million and provides for the Company's ability to increase the revolving commitments or issue term loans in an additional amount not to exceed $45 million and up to an aggregate total amount of $400 million.

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period plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility depends on the total net leverage ratio. The maturity date of the Revolving Credit Facility is July 18, 2026. Obligations under the Revolving Credit Facility are guaranteed by (i) all owners of the PAMC held by the Company, (ii) any other members of the Company’s group that own any portion of the collateral securing the Revolving Credit Facility, and (iii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company. The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on (i) the Company’s interest in the Pennsylvania Mining Complex, (ii) the equity interests in PA Mining Complex LP held by the Company, (iii) the CONSOL Marine Terminal, (iv) the Itmann Mining Complex, and (v) the 1.4 billion tons of Greenfield Reserves and Resources.

The Revolving Credit Facility also includes financial covenants, including (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum fixed charge coverage ratio. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, nonrecurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations and gains and losses on debt extinguishment. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA. The minimum fixed charge coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Fixed Charges. Consolidated Fixed Charges, as used in the covenant calculation, include cash interest payments, cash payments for income taxes, scheduled debt repayments, Maintenance Capital Expenditures and cash payments related to legacy employee liabilities to the extent in excess of amounts accrued in the calculation of Consolidated EBITDA. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio shall be 1.50 to 1.00, the maximum total net leverage ratio shall be 2.50 to 1.00 and the minimum fixed charge coverage ratio shall be 1.10 to 1.00.

The Company's first lien gross leverage ratio was 0.02 to 1.00 at September 30, 2023. The Company's total net leverage ratio was (0.05) to 1.00 at September 30, 2023. The Company's fixed charge coverage ratio was 3.53 to 1.00 at September 30, 2023. Accordingly, the Company was in compliance with all of its financial covenants under the Revolving Credit Facility as of September 30, 2023.

The Revolving Credit Facility contains customary events of default, including with respect to a failure to make payments when due, cross-default and cross-judgment default and certain bankruptcy and insolvency events.

At September 30, 2023, there were no borrowings outstanding under the Revolving Credit Facility and the facility is currently only used for providing letters of credit, with $139 million of letters of credit outstanding, leaving $216 million of unused capacity. From time to time, CONSOL Energy is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. CONSOL Energy sometimes uses letters of credit to satisfy these requirements and these letters of credit reduce the Company's borrowing facility capacity.

Securitization Facility

At September 30, 2023, CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In July 2022, the securitization facility was amended to, among other things, extend the maturity date to July 29, 2025.

Loans under the securitization facility accrue interest at a reserve-adjusted market index rate equal to the applicable term SOFR rate. Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit

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participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and pays other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

The agreements comprising the securitization facility contain various customary representations and warranties, covenants and default provisions which provide for the termination and acceleration of the commitments and loans under the securitization facility in certain circumstances including, but not limited to, failure to make payments when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. CONSOL Energy guarantees the performance of the obligations of CONSOL Thermal Holdings LLC and CONSOL Pennsylvania Coal Company LLC under the securitization, and will guarantee the obligations of any additional originators or successor servicer that may become party to the securitization. However, neither CONSOL Energy nor its affiliates will guarantee collectability of receivables or the creditworthiness of obligors thereunder.

At September 30, 2023, eligible accounts receivable yielded $42 million of borrowing capacity. At September 30, 2023, the facility had no outstanding borrowings and approximately $42 million of letters of credit outstanding, leaving $42 thousand of unused capacity. Costs associated with the receivables facility were $1 million for the nine months ended September 30, 2023. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

11.00% Senior Secured Second Lien Notes due 2025

On November 13, 2017, the Company issued $300 million in aggregate principal amount of 11.00% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) pursuant to an indenture (the “Indenture”) dated as of November 13, 2017, by and between the Company and UMB Bank, N.A., a national banking association, as trustee and collateral trustee (the “Trustee”). On November 28, 2017, certain subsidiaries of the Company executed a supplement to the Indenture and became party to the Indenture as a guarantor (the “Guarantors”). The Second Lien Notes were secured by second priority liens on substantially all of the assets of the Company and the Guarantors that are pledged on a first-priority basis as collateral securing the Company’s obligations under the Revolving Credit Facility (described above), subject to certain exceptions under the Indenture.

During the three months ended September 30, 2023, the Company fully redeemed the remaining balance of its Second Lien Notes at a redemption price of 102.75% of the stated principal outstanding in the amount of $24 million.

The Indenture contained covenants that limited the ability of the Company and the Guarantors, to (i) incur, assume or guarantee additional indebtedness or issue preferred stock; (ii) create liens to secure indebtedness; (iii) declare or pay dividends on the Company’s common stock, redeem stock or make other distributions to the Company’s stockholders; (iv) make investments; (v) pay or make dividends, loans or other asset transfers from the Company’s restricted subsidiaries; (vi) merge or consolidate, or sell, transfer, lease or dispose of substantially all of the Company’s assets; (vii) sell or otherwise dispose of certain assets, including equity interests in subsidiaries; (viii) enter into transactions with affiliates; and (ix) create unrestricted subsidiaries. These covenants were subject to important exceptions and qualifications. If the Second Lien Notes achieved an investment grade rating from both Standard & Poor’s Ratings Services and Moody’s Investors Service, Inc. and no default under the Indenture existed, many of the foregoing covenants would have terminated and ceased to apply. The Indenture also contained customary events of default.

Pennsylvania Economic Development Financing Authority Bonds

In April 2021, CONSOL Energy borrowed the proceeds received from the sale of tax-exempt bonds issued by PEDFA in an aggregate principal amount of $75 million (the “PEDFA Bonds”). The PEDFA Bonds bear interest at a fixed rate of 9.00% for an initial term of seven years. The PEDFA Bonds mature on April 1, 2051 but are subject to mandatory purchase by the Company on April 13, 2028, at the expiration of the initial term rate period. The PEDFA Bonds were issued pursuant to an indenture (the “PEDFA Indenture”) dated as of April 1, 2021, by and between PEDFA and Wilmington Trust, N.A., a national banking association, as trustee (the “PEDFA Notes Trustee”). PEDFA made a loan of the proceeds of the PEDFA Bonds to the Company pursuant to a Loan Agreement (the “Loan Agreement”) dated as of April 1, 2021 between PEDFA and the Company. Under the terms of the Loan Agreement, the Company agreed to make all payments of principal, interest and other amounts at any time due on the PEDFA Bonds or under the PEDFA Indenture. PEDFA assigned its rights as lender under the Loan Agreement, excluding certain reserved rights, to the PEDFA Notes Trustee. Certain subsidiaries of the Company (the “PEDFA Notes Guarantors”) executed a Guaranty Agreement (the “Guaranty”) dated as of April 1, 2021 in favor of the PEDFA Notes Trustee, guarantying the obligations of the Company under the Loan Agreement to pay the PEDFA Bonds when and as due. The obligations of the Company under the Loan Agreement and of the PEDFA Notes Guarantors under the Guaranty are secured by second priority liens on substantially all of the assets of the Company and the PEDFA Notes Guarantors.

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Material Cash Requirements

CONSOL Energy expects to make payments of $15 million on its long-term debt obligations, including interest, in the next 12 months. Refer to Note 13 – Long-Term Debt of our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information concerning material cash requirements in future years.

CONSOL Energy expects to make payments of $20 million on its operating and finance lease obligations, including interest, in the next 12 months. Refer to Note 14 – Leases of our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information concerning material cash requirements in future years.

CONSOL Energy expects to make payments of $49 million on its employee-related long-term liabilities in the next 12 months. Refer to Note 15 – Pension and Other Postretirement Benefit Plans and Note 16 – Coal Workers’ Pneumoconiosis and Workers’ Compensation of our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information concerning material cash requirements in future years.

CONSOL Energy believes it will be able to satisfy these material requirements with cash generated from operations, cash on hand, short-term investments, borrowings under the revolving credit facility and securitization facility, and, if necessary, cash generated from its ability to issue additional equity or debt securities.

Debt

At September 30, 2023, CONSOL Energy had total long-term debt and finance lease obligations of $206 million outstanding, including the current portion of $16 million. This long-term debt consisted of:

•An aggregate principal amount of $103 million of industrial revenue bonds which were issued to finance the Baltimore port facility, which bear interest at 5.75% per annum and mature in September 2025. Interest on the industrial revenue bonds is payable March 1 and September 1 of each year. Payment of the principal and interest on the notes is guaranteed by CONSOL Energy.

•An aggregate principal amount of $75 million of PEDFA Bonds, which were issued to finance the ongoing expansion of the coal refuse disposal area at the Central Preparation Plant, which bear interest at 9.00% per annum for an initial term of seven years and mature in April 2051. Interest on the PEDFA Bonds is payable on February 1 and August 1 of each year.

•An aggregate principal amount of $19 million of finance leases with a weighted average interest rate of 6.62%

•Advanced royalty commitments of $8 million with a weighted average interest rate of 8.09% per annum.

•An aggregate principal amount of $1 million of other debt arrangements.

At September 30, 2023, CONSOL Energy had no borrowings outstanding and approximately $139 million of letters of credit outstanding under the $355 million senior secured Revolving Credit Facility. At September 30, 2023, CONSOL Energy had no borrowings outstanding and approximately $42 million of letters of credit outstanding under the $100 million securitization facility.

Stock and Debt Repurchases

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its Second Lien Notes. Since the program's inception, the Company's Board of Directors has subsequently amended the program several times, the most recent of which amendment in April 2023 raised the aggregate limit of the Company's repurchase authority to $1 billion. The program expires on December 31, 2024.

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During the nine months ended September 30, 2023, the Company did not make any open market repurchases of its Second Lien Notes in accordance with this program. During the nine months ended September 30, 2023, the Company repurchased and retired 3,980,389 shares of the Company's common stock at an average price of $67.68 per share.

Total Equity and Dividends

Total equity attributable to CONSOL Energy was $1,309 million at September 30, 2023 and $1,166 million at December 31, 2022. See the Consolidated Statements of Stockholders' Equity in Item 1 of this Form 10-Q for additional details.

The declaration and payment of dividends by CONSOL Energy is subject to the discretion of CONSOL Energy's Board of Directors, and no assurance can be given that CONSOL Energy will pay dividends in the future. The determination to pay dividends in the future will depend upon, among other things, general business conditions, CONSOL Energy's financial results, contractual and legal restrictions regarding the payment of dividends by CONSOL Energy, planned investments by CONSOL Energy and such other factors as the Board of Directors deems relevant. Certain of the Company's financing arrangements limit CONSOL Energy's ability to pay dividends and repurchase shares based on certain covenants.

Critical Accounting Estimates

CONSOL Energy prepares its financial statements in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenues and expenses, as well as the disclosure of contingent assets and liabilities. Management bases its estimates and judgments on historical experience and other factors that are believed to be reasonable under the circumstances. There have been no material changes to the Company's critical accounting estimates from the Annual Report on Form 10-K for the year ended December 31, 2022.

Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of the federal securities laws. With the exception of historical matters, the matters discussed in this Quarterly Report on Form 10-Q are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that involve risks and uncertainties that could cause actual results and outcomes to differ materially from results expressed in or implied by our forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” “would,” or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date of this Quarterly Report on Form 10-Q; we disclaim any obligation to update these statements unless required by securities law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following:

•deterioration in economic conditions or changes in consumption patterns of our customers may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital;

•volatility and wide fluctuation in coal prices based upon a number of factors beyond our control;

•an extended decline in the prices we receive for our coal affecting our operating results and cash flows;

•significant downtime of our equipment or inability to obtain equipment, parts or raw materials;

•decreases in the availability of, or increases in the price of, commodities or capital equipment used in our coal mining operations;

•our reliance on major customers, our ability to collect payment from our customers and uncertainty in connection with our customer contracts;

•our inability to acquire additional coal reserves or resources that are economically recoverable;

•the availability and reliability of transportation facilities and other systems that deliver our coal to market and fluctuations in transportation costs;

•a loss of our competitive position;

•foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad;

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•the risks related to the fact that a significant portion of our production is sold in international markets, such as geopolitical uncertainty or turmoil including terrorism, war and natural disasters, and our compliance with export control and anticorruption laws;

•coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions;

•the impact of current and future regulations to address climate change, the discharge, disposal and clean-up of hazardous substances and wastes and employee health and safety on our operating costs as well as on the market for coal;

•the risks inherent in coal operations, including being subject to unexpected disruptions caused by adverse geological conditions, equipment failure, delays in moving out longwall equipment, railroad derailments, security breaches or terroristic acts and other hazards, delays in the completion of significant construction or repair of equipment, fires, explosions, seismic activities, accidents and weather conditions;

•failure to obtain or renew surety bonds or insurance coverages on acceptable terms;

•the effects of coordinating our operations with oil and natural gas drillers and distributors operating on our land;

•our inability to obtain financing for capital expenditures on satisfactory terms;

•the effect of new or existing tariffs and other trade measures;

•our inability to find suitable acquisition targets or integrating the operations of future acquisitions into our operations;

•obtaining, maintaining and renewing governmental permits and approvals for our coal operations;

•the effects of asset retirement obligations, employee-related long-term liabilities and certain other liabilities;

•uncertainties in estimating our economically recoverable coal reserves;

•the outcomes of various legal proceedings, including those which are more fully described herein;

•defects in our chain of title for our undeveloped reserves or failure to acquire additional property to perfect our title to coal rights;

•the risk of our debt agreements, our debt and changes in interest rates affecting our operating results and cash flows;

•information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident;

•the potential failure to retain and attract qualified personnel of the Company;

•failure to maintain effective internal controls over financial reporting;

•uncertainty with respect to the Company’s common stock, potential stock price volatility and future dilution;

•uncertainty regarding the timing and value of any dividends we may declare;

•uncertainty as to whether we will repurchase shares of our common stock or outstanding debt securities;

•inability of stockholders to bring legal action against us in any forum other than the state courts of Delaware; and

•other unforeseen factors.

The above list of factors is not exhaustive or necessarily in order of importance. Additional information concerning factors that could cause actual results to differ materially from those in forward-looking statements include those discussed under “Risk Factors” elsewhere in this report and the other filings we make with the SEC. The Company disclaims any intention or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company's exposures to market risk have not materially changed since December 31, 2022. Please see these quantitative and qualitative disclosures about market risk in Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our Annual Report on Form 10-K for the year ended December 31, 2022.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

CONSOL Energy, under the supervision and with the participation of its management, including CONSOL Energy's principal executive officer and principal financial officer, evaluated the effectiveness of the Company's “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, CONSOL Energy's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures are effective as of September 30, 2023 to ensure that information required to be disclosed by CONSOL Energy in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and includes controls and procedures designed to ensure that information required to be disclosed by CONSOL Energy in such reports is accumulated and communicated to CONSOL Energy's management, including CONSOL Energy's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

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Changes in Internal Controls over Financial Reporting

During the fiscal quarter covered by this Quarterly Report on Form 10-Q, there were no changes in the Company's internal controls over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act, that materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events.

PART II: OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Our operations are subject to a variety of risks and disputes normally incidental to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. However, we are not currently subject to any material litigation, except as disclosed in Note 13 - Commitments and Contingent Liabilities in the Notes to the Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q, incorporated herein by this reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this quarterly report, you should carefully consider the factors described in “Part 1 - Item 1A. Risk Factors” of CONSOL Energy's 2022 Form 10-K. These described risks are not the only risks the Company faces. Additional risks and uncertainties not currently known to CONSOL Energy or that the Company currently deems to be immaterial also may materially adversely affect CONSOL Energy's business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth repurchases of the Company's common stock during the three months ended September 30, 2023:


	(a)	(b)		(c)	(d)
Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (000s omitted) (2)
July 1, 2023 - July 31, 2023	714,574	$	68.12	714,574	$	581,129	(3)
August 1, 2023 - August 31, 2023	189,022	$	84.63	189,022	$	565,133	(3)
September 1, 2023 - September 30, 2023	644,250	$	96.17	644,250	$	503,174	(3)

(1) In December 2017, CONSOL Energy's Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025. Since the inception of the program, CONSOL Energy Inc.'s Board of Directors has amended the program on several separate occasions. As a result of such amendments, the Company may now repurchase up to $1 billion of its stock and debt until December 31, 2024. As of October 31, 2023, approximately $488 million remained available under the stock and debt repurchase program. The repurchases will be effected from time to time on the open market or in privately negotiated transactions or under a Rule 10b5-1 plan. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock or notes, and the program can be modified or suspended at any time at the Company's discretion.

(2) Management cannot estimate the number of shares that will be repurchased because purchases are made based upon the Company's stock price, the Company's financial outlook and alternative investment options.

(3) In the three months ended September 30, 2023, CONSOL Energy executed approximately $126.6 million of repurchases of its common stock.

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Dividends

In the third quarter of the fiscal year ended December 31, 2022, the Company initiated an enhanced shareholder capital return program. The Company currently intends, subject to the discretion of the Company's Board of Directors, to return a planned aggregate of approximately 75% of the Company's quarterly free cash flow in the form of dividends and/or repurchases of shares of common stock. However, the declaration and payment of dividends by CONSOL Energy is subject to the discretion of CONSOL Energy's Board of Directors, and no assurance can be given that CONSOL Energy will pay dividends in the future. The determination to pay dividends in the future will depend upon, among other things, general business conditions, CONSOL Energy's financial results, contractual and legal restrictions regarding the payment of dividends by CONSOL Energy, planned investments by CONSOL Energy and such other factors as the Board of Directors deems relevant. Certain of the Company's financing arrangements limit CONSOL Energy's ability to pay dividends and repurchase stock based on certain covenants.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K (17 CFR 229.104) is included in Exhibit 95 to this Quarterly Report on Form 10-Q.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

Our executive officers and directors may from time to time enter into plans or arrangements for the purchase or sale of our Common Stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. During the three months ended September 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as follows:

•On September 13, 2023, James A. Brock, a member of our Board of Directors and Chief Executive Officer of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of up to 80,000 shares of our Common Stock, subject to certain conditions. First trades will not occur until December 18, 2023, and the arrangement's expiration date is June 28, 2024.

•On September 15, 2023, Martha A. Wiegand, General Counsel and Secretary of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of up to 10,000 shares of our Common Stock, subject to certain conditions. First trades will not occur until December 15, 2023, and the arrangement's expiration date is June 14, 2024.

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ITEM 6. EXHIBITS


Exhibits	Description	Method of Filing

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

95	Mine Safety and Health Administration Safety Data	Filed herewith

101	Interactive Data File (Form 10-Q for the quarterly period ended September 30, 2023, furnished in Inline XBRL)	Filed herewith

104	Cover Page Interactive Data File (formatted as Inline XBRL)	Contained in Exhibit 101

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	CONSOL ENERGY INC.


October 31, 2023	By:	/s/ JAMES A. BROCK
		James A. Brock
		Director, Chief Executive Officer (Principal Executive Officer)


October 31, 2023	By:	/s/ MITESHKUMAR B. THAKKAR
		Miteshkumar B. Thakkar
		Chief Financial Officer and President (Principal Financial Officer)


October 31, 2023	By:	/s/ JOHN M. ROTHKA
		John M. Rothka
		Chief Accounting Officer (Principal Accounting Officer)

Exhibit 31.1

CERTIFICATIONS

I, James A. Brock, certify that:

1.I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 31, 2023

/s/ James A. Brock

James A. Brock

Chief Executive Officer

(Principal Executive Officer)

Exhibit 31.2

CERTIFICATIONS

I, Miteshkumar B. Thakkar, certify that:

1.I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: October 31, 2023

/s/ Miteshkumar B. Thakkar

Miteshkumar B. Thakkar

Chief Financial Officer and President

(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, James A. Brock, Chief Executive Officer (principal executive officer) of CONSOL Energy Inc. (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2023, of the Registrant (the “Report”):

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 31, 2023

/s/ James A. Brock

James A. Brock

Chief Executive Officer

(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,

18 U.S.C. Section 1350

I, Miteshkumar B. Thakkar, Chief Financial Officer (principal financial officer) of CONSOL Energy Inc. (the “Registrant”), certify that to my knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended September 30, 2023, of the Registrant (the “Report”):

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: October 31, 2023

/s/ Miteshkumar B. Thakkar

Miteshkumar B. Thakkar

Chief Financial Officer and President

(Principal Financial Officer)

Exhibit 95

Mine Safety and Health Administration Safety Data

We believe that CONSOL Energy is one of the safest mining companies in the world. The Company has in place health and safety programs that include extensive employee training, accident prevention, workplace inspection, emergency response, accident investigation, regulatory compliance and program auditing. The objectives of our health and safety programs are to eliminate workplace incidents, comply with all mining-related regulations and provide support for both regulators and the industry to improve mine safety.

The operation of our mines is subject to regulation by the federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act). MSHA inspects our mines on a regular basis and issues various citations, orders and violations when it believes a violation has occurred under the Mine Act. We present information below regarding certain mining safety and health violations, orders and citations, issued by MSHA and related assessments and legal actions and mine-related fatalities with respect to our coal mining operations. In evaluating this information, consideration should be given to factors such as: (i) the number of violations, orders and citations will vary depending on the size of the coal mine, (ii) the number of violations, orders and citations issued will vary from inspector to inspector and mine to mine, and (iii) violations, orders and citations can be contested and appealed, and in that process, are often reduced in severity and amount, and are sometimes dismissed.

The table below sets forth for the three months ended September 30, 2023 for each coal mine of CONSOL Energy and its subsidiaries, the total number of: (i) violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety or health hazard under section 104 of the Mine Act for which the operator received a citation from MSHA; (ii) orders issued under section 104(b) of the Mine Act; (iii) citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under section 104(d) of the Mine Act; (iv) flagrant violations under section 110(b)(2) of the Mine Act; (v) imminent danger orders issued under section 107(a) of the Mine Act; (vi) the total dollar value of proposed assessments from MSHA (regardless of whether CONSOL Energy has challenged or appealed the assessment); (vii) the total number of mining-related fatalities; (viii) notices from MSHA of a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under section 104(e) of the Mine Act; (ix) notices from MSHA regarding the potential to have a pattern of violations as referenced in (viii) above; and (x) pending legal actions before the Federal Mine Safety and Health Review Commission (as of September 30, 2023) involving such coal or other mine, as well as the aggregate number of legal actions instituted and the aggregate number of legal actions resolved during the reporting period.


				Section			Total Dollar Value of	Total Number	Received Notice of Pattern of	Received Notice of Potential to have	Legal Actions Pending	Legal	Legal
		Section		104(d)			MSHA	of	Violations	Pattern	as of	Actions	Actions
Mine or Operating		104	Section	Citations	Section	Section	Assessments	Mining	Under	Under	Last	Initiated	Resolved
Name/MSHA		S&S	104(b)	and	110(b)(2)	107(a)	Proposed	Related	Section	Section	Day of	During	During
Identification Number		Citations	Orders	Orders	Violations	Orders	(In Dollars)	Fatalities	104(e)	104(e)	Period (1)	Period	Period
Active Operations
Bailey	36-07230	16	—	—	—	—	28,919	—	No	No	4	1	5
Enlow Fork	36-07416	4	—	—	—	—	7,549	—	No	No	7	5	6
Harvey	36-10045	—	—	—	—	—	4,302	—	No	No	2	1	3
Itmann No 5	46-09569	6	—	—	—	—	19,233	—	No	No	3	2	8
		26	—	—	—	—	60,003	—			16	9	22

(1) See table below for additional detail regarding Legal Actions Pending as of September 30, 2023. With respect to Contests of Proposed Penalties, we have included the number of dockets (as opposed to citations) when counting the number of Legal Actions Pending as of September 30, 2023.


		Contests of Citations, Orders (as of 9.30.23)	Contests of Proposed Penalties (as of 9.30.23) (b)		Complaints for Compensation (as of 9.30.23)	Complaints of Discharge, Discrimination or Interference (as of 9.30.23)	Applications for Temporary Relief (as of 9.30.23)	Appeals of Judges' Decisions or Order (as of 9.30.23)
Mine or Operating Name/MSHA Identification Number		(a)	Dockets	Citations	(c)	(d)	(e)	(f)
Active Operations
Bailey	36-07230	—	4	20	—	—	—	1
Enlow Fork	36-07416	—	7	28	—	—	—	—
Harvey	36-10045	—	2	3	—	—	—	—
Itmann No 5	46-09569	—	3	19	—	—	—	—
		—	16	70	—	—	—	1

(a) Represents (if any) contests of citations and orders, which typically are filed prior to an operator's receipt of a proposed penalty assessment from MSHA or relate to orders for which penalties are not assessed (such as imminent danger orders under Section 107 of the Mine Act). This category includes: (i) contests of citations or orders issued under section 104 of the Mine Act, (ii) contests of imminent danger withdrawal orders under section 107 of the Mine Act, and (iii) Emergency response plan dispute proceedings (as required under the Mine Improvement and New Emergency Response Act of 2006, Pub. L. No. 109-236, 120 Stat. 493).

(b) Represents (if any) contests of proposed penalties, which are administrative proceedings before the Federal Mine Safety and Health Review Commission (“FMSHRC”) challenging a civil penalty that MSHA has proposed for the violation contained in a citation or order.

(c) Represents (if any) complaints for compensation, which are cases under section 111 of the Mine Act that may be filed with the FMSHRC by miners idled by a closure order issued by MSHA who are entitled to compensation.

(d) Represents (if any) complaints of discharge, discrimination or interference under section 105 of the Mine Act, which cover: (i) discrimination proceedings involving a miner's allegation that he or she has suffered adverse employment action because he or she engaged in activity protected under the Mine Act, such as making a safety complaint, and (ii) temporary reinstatement proceedings involving cases in which a miner has filed a complaint with MSHA stating that he or she has suffered such discrimination and has lost his or her position. Complaints of Discharge, Discrimination, or Interference are also included in Contests of Proposed Penalties, Column B.

(e) Represents (if any) applications for temporary relief, which are applications under section 105(b)(2) of the Mine Act for temporary relief from any modification or termination of any order or from any order issued under section 104 of the Mine Act (other than citations issued under section 104(a) or (f) of the Mine Act).

(f) Represents (if any) appeals of judges' decisions or orders to the FMSHRC, including petitions for discretionary review and review by the FMSHRC on its own motion.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38147
Entity Registrant Name	CONSOL Energy Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1954058
Entity Address, Address Line One	275 Technology Drive
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Canonsburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15317-9565
City Area Code	724
Local Phone Number	416-8300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CEIX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,009,862
Entity Central Index Key	0001710366
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total Revenue from Contracts with Customers	$ 540,666	$ 530,017	$ 1,872,286	$ 1,671,103
Loss on Commodity Derivatives, net	0	(65)	0	(256,571)
Miscellaneous Other Income	27,852	5,138	40,070	17,160
Gain on Sale of Assets	1,346	26,548	7,082	33,094
Total Revenue and Other Income	569,864	561,638	1,919,438	1,464,786
Costs and Expenses:
Operating and Other Costs	276,323	229,669	813,546	692,968
Depreciation, Depletion and Amortization	58,792	54,773	182,871	168,607
Freight Expense	68,372	42,619	217,435	131,419
General and Administrative Costs	37,313	30,406	79,758	94,919
Loss on Debt Extinguishment	662	674	2,725	4,361
Interest Expense	6,645	11,962	24,079	39,435
Total Costs and Expenses	448,107	370,103	1,320,414	1,131,709
Earnings Before Income Tax	121,757	191,535	599,024	333,077
Income Tax Expense	21,032	39,414	100,199	59,115
Net Income	$ 100,725	$ 152,121	$ 498,825	$ 273,962
Earnings per Share:
Total Basic Earnings (Loss) per Share (in dollars per share)	$ 3.15	$ 4.36	$ 14.97	$ 7.87
Total Dilutive Earnings (Loss) per Share (in dollars per share)	3.11	4.25	14.75	7.68
Dividends declared per common share (in dollars per share)	$ 0	$ 1.00	$ 2.20	$ 1.00
Coal Revenue
Total Revenue from Contracts with Customers	$ 449,618	$ 472,558	$ 1,574,096	$ 1,481,668
Terminal Revenue
Total Revenue from Contracts with Customers	22,676	14,840	80,755	58,016
Freight Revenue
Total Revenue from Contracts with Customers	$ 68,372	$ 42,619	$ 217,435	$ 131,419

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net Income	$ 100,725	$ 152,121	$ 498,825	$ 273,962
Other Comprehensive (Loss) Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $274, ($508), $822, ($1,524))	901	(1,525)	2,702	(4,574)
Unrealized Loss on Investments in Available-for-Sale Securities (Net of tax: $2, $—, $15, $—)	(6)	0	(49)	0
Unrealized (Loss) Gain on Cash Flow Hedges (Net of tax: $—, $89, $—, ($116))	0	(214)	0	401
Other Comprehensive (Loss) Income	(907)	1,311	(2,751)	4,975
Comprehensive Income (Loss)	$ 99,818	$ 153,432	$ 496,074	$ 278,937

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period, tax	$ 274	$ (508)	$ 822	$ (1,524)
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax	2	0	15	0
Interest rate hedge, tax	$ 0	$ 89	$ 0	$ (116)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 167,586	$ 273,070
Short-Term Investments	81,009	0
Accounts and Notes Receivable
Trade Receivables, net	147,664	158,127
Other Receivables, net	11,317	38,517
Inventories	98,386	66,290
Other Current Assets	73,432	62,479
Total Current Assets	579,394	598,483
Property, Plant and Equipment:
Property, Plant and Equipment	5,520,656	5,408,577
Less - Accumulated Depreciation, Depletion and Amortization	3,603,830	3,448,495
Total Property, Plant and Equipment—Net	1,916,826	1,960,082
Other Assets:
Right of Use Asset - Operating Leases	15,660	19,799
Salary Retirement	47,921	38,548
Other Noncurrent Assets, net	99,714	87,465
Total Other Assets	163,295	145,812
TOTAL ASSETS	2,659,515	2,704,377
Current Liabilities:
Accounts Payable	132,377	130,232
Current Portion of Long-Term Debt	15,623	28,846
Operating Lease Liability, Current Portion	4,854	4,922
Commodity Derivatives	0	15,142
Other Accrued Liabilities	301,297	269,656
Total Current Liabilities	454,151	448,798
Long-Term Debt:
Long-Term Debt	183,421	342,110
Finance Lease Obligations	5,405	13,225
Total Long-Term Debt	188,826	355,335
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	226,645	232,593
Pneumoconiosis Benefits	145,146	148,390
Asset Retirement Obligations	221,011	221,858
Workers’ Compensation	42,220	40,951
Salary Retirement	20,536	20,585
Operating Lease Liability	11,232	15,073
Deferred Income Taxes	21,077	21,914
Other Noncurrent Liabilities	19,881	33,054
Total Deferred Credits and Other Liabilities	707,748	734,418
TOTAL LIABILITIES	1,350,725	1,538,551
Stockholders' Equity:
Common Stock, $0.01 Par Value; 62,500,000 Shares Authorized, 31,152,797 Shares Issued and Outstanding at September 30, 2023; 34,746,904 Shares Issued and Outstanding at December 31, 2022	312	347
Capital in Excess of Par Value	569,071	646,237
Retained Earnings	891,798	668,882
Accumulated Other Comprehensive Loss	(152,391)	(149,640)
TOTAL EQUITY	1,308,790	1,165,826
TOTAL LIABILITIES AND EQUITY	$ 2,659,515	$ 2,704,377

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	62,500,000	62,500,000
Common stock, shares, issued	31,152,797	34,746,904
Common stock, shares, outstanding	31,152,797	34,746,904

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2021	$ 672,813	$ 345	$ 646,945	$ 280,960	$ (255,437)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,450)			(4,450)
Actuarially determined long-term liability adjustments	1,525				1,525
Interest Rate Hedge, net	391				391
Comprehensive Income (Loss)	(2,534)			(4,450)	1,916
Issuance of Common Stock	0	3	(3)
Amortization of Stock-Based Compensation Awards	4,201		4,201
Shares Withheld for Taxes	(6,072)		(6,072)
Ending balance at Mar. 31, 2022	668,408	348	645,071	276,510	(253,521)
Beginning balance at Dec. 31, 2021	672,813	345	646,945	280,960	(255,437)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	273,962
Actuarially determined long-term liability adjustments	4,574
Interest Rate Hedge, net	401
Investments in available-for-sale securities	0
Comprehensive Income (Loss)	278,937
Ending balance at Sep. 30, 2022	916,445	349	647,448	519,110	(250,462)
Beginning balance at Mar. 31, 2022	668,408	348	645,071	276,510	(253,521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	126,291			126,291
Actuarially determined long-term liability adjustments	1,524				1,524
Interest Rate Hedge, net	224				224
Comprehensive Income (Loss)	128,039			126,291	1,748
Issuance of Common Stock	0	1	(1)
Amortization of Stock-Based Compensation Awards	1,269		1,269
Shares Withheld for Taxes	(122)		(122)
Ending balance at Jun. 30, 2022	797,594	349	646,217	402,801	(251,773)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	152,121			152,121
Actuarially determined long-term liability adjustments	1,525				1,525
Interest Rate Hedge, net	(214)				(214)
Investments in available-for-sale securities	0
Comprehensive Income (Loss)	153,432			152,121	1,311
Amortization of Stock-Based Compensation Awards	1,224		1,224
Shares Withheld for Taxes	7		7
Dividends on common shares	(34,871)			(34,871)
Dividend Equivalents Earned on Stock-Based Compensation Awards	(941)			(941)
Ending balance at Sep. 30, 2022	916,445	349	647,448	519,110	(250,462)
Beginning balance at Dec. 31, 2022	1,165,826	347	646,237	668,882	(149,640)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	230,377			230,377
Actuarially determined long-term liability adjustments	(901)				(901)
Investments in available-for-sale securities	212				212
Comprehensive Income (Loss)	229,688			230,377	(689)
Issuance of Common Stock	0	3	(3)
Repurchases of common stock	(67,133)	(11)	(22,446)	(44,676)
Excise Tax on Repurchases of Common Stock	(478)			(478)
Amortization of Stock-Based Compensation Awards	4,792		4,792
Shares Withheld for Taxes	(12,708)		(12,708)
Dividends on common shares	(38,287)			(38,287)
Dividend Equivalents Earned on Stock-Based Compensation Awards	(803)			(803)
Ending balance at Mar. 31, 2023	1,280,897	339	615,872	815,015	(150,329)
Beginning balance at Dec. 31, 2022	1,165,826	347	646,237	668,882	(149,640)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	498,825
Actuarially determined long-term liability adjustments	(2,702)
Interest Rate Hedge, net	0
Investments in available-for-sale securities	(49)
Comprehensive Income (Loss)	496,074
Ending balance at Sep. 30, 2023	1,308,790	312	569,071	891,798	(152,391)
Beginning balance at Mar. 31, 2023	1,280,897	339	615,872	815,015	(150,329)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	167,723			167,723
Actuarially determined long-term liability adjustments	(900)				(900)
Investments in available-for-sale securities	(255)				(255)
Comprehensive Income (Loss)	166,568			167,723	(1,155)
Repurchases of common stock	(75,627)	(12)	(22,261)	(53,354)
Excise Tax on Repurchases of Common Stock	(728)			(728)
Amortization of Stock-Based Compensation Awards	1,993		1,993
Shares Withheld for Taxes	(38)		(38)
Dividends on common shares	(37,187)			(37,187)
Dividend Equivalents Earned on Stock-Based Compensation Awards	(683)			(683)
Ending balance at Jun. 30, 2023	1,335,195	327	595,566	890,786	(151,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	100,725			100,725
Actuarially determined long-term liability adjustments	(901)				(901)
Interest Rate Hedge, net	0
Investments in available-for-sale securities	(6)				(6)
Comprehensive Income (Loss)	99,818			100,725	(907)
Repurchases of common stock	(126,634)	(15)	(28,171)	(98,448)
Excise Tax on Repurchases of Common Stock	(1,265)			(1,265)
Amortization of Stock-Based Compensation Awards	1,676		1,676
Ending balance at Sep. 30, 2023	$ 1,308,790	$ 312	$ 569,071	$ 891,798	$ (152,391)

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Actuarially determined long-term liability adjustments, net of tax	$ 274	$ 274	$ 274			$ 508
Interest rate hedge, tax	0			$ (89)	$ 75	$ 130
OCI, debt securities, available-for-sale, gain (loss), after adjustment, tax	$ 2	$ 77	$ (64)	$ 0
Stock repurchased and retired during period, shares	1,547,846	1,225,134	1,207,409
Dividends declared per common share (in dollars per share)	$ 0	$ 1.10	$ 1.10	$ 1.00
Actuarially determined long-term liability adjustments, net of tax				$ 508	$ 508

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net Income	$ 498,825	$ 273,962
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	182,871	168,607
Gain on Sale of Assets	(7,082)	(33,094)
Stock-Based Compensation	8,461	6,694
Amortization of Debt Issuance Costs	4,534	6,682
Loss on Debt Extinguishment	2,725	4,361
Deferred Income Taxes	(837)	13,095
Other Adjustments to Net Income	(2,571)	3,880
Changes in Operating Assets:
Accounts and Notes Receivable	37,670	(3,304)
Inventories	(32,096)	(11,685)
Other Current Assets	(4,522)	6,069
Changes in Other Assets	(26,913)	(24,866)
Changes in Operating Liabilities:
Accounts Payable	7,759	41,222
Commodity Derivatives, net Liability	(15,142)	39,282
Other Operating Liabilities	28,751	16,951
Changes in Other Liabilities	(43,615)	(8,170)
Net Cash Provided by Operating Activities	638,818	499,686
Cash Flows from Investing Activities:
Capital Expenditures	(117,749)	(134,456)
Proceeds from Sales of Assets	6,240	19,774
Investments in Mining-Related Activities	(5,366)	0
Proceeds from Sales of Short-Term Investments	83,924	0
Purchases of Short-Term Investments	(162,422)	0
Other Investing Activity	(350)	(1,633)
Net Cash Used in Investing Activities	(195,723)	(116,315)
Cash Flows from Financing Activities:
Payments on Finance Lease Obligations	(19,490)	(18,192)
Payments on Other Debt	(729)	(589)
Shares Withheld for Taxes	(12,746)	(6,187)
Repurchases of Common Stock	(277,382)	0
Debt-Related Financing Fees	(2,810)	(7,766)
Dividends	(75,474)	(34,871)
Net Cash Used in Financing Activities	(554,053)	(260,929)
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash	(110,958)	122,442
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	326,952	198,206
Cash and Cash Equivalents and Restricted Cash at End of Period	215,994	320,648
Non-Cash Investing and Financing Activities:
Finance Lease	588	6,256
Term Loan A Facility
Cash Flows from Financing Activities:
Payments on debt	0	(41,250)
Term Loan B Facility
Cash Flows from Financing Activities:
Payments on debt	(63,590)	(125,687)
Senior Secured Second Lien Notes due 2025
Cash Flows from Financing Activities:
Payments on debt	$ (101,832)	$ (26,387)

Basis of Presentation

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION:

Basis of Presentation

All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for per share amounts, and unless otherwise indicated.

Basis of Consolidation

Recent Accounting Pronouncements

Earnings per Share

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Anti-Dilutive Restricted Stock Units	—	80	1,031	403
Anti-Dilutive Performance Share Units	—	—	—	—
	—	80	1,031	403

The computations for basic and dilutive earnings per share are as follows:


Dollars in thousands, except per share data	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net Income	$	100,725	$	152,121	$	498,825	$	273,962

Denominator:
Weighted-average shares of common stock outstanding	31,928,295		34,870,154		33,330,892		34,793,069
Effect of dilutive shares	464,394		906,437		479,628		900,513
Weighted-average diluted shares of common stock outstanding	32,392,689		35,776,591		33,810,520		35,693,582

Earnings per Share:
Basic	$	3.15	$	4.36	$	14.97	$	7.87
Dilutive	$	3.11	$	4.25	$	14.75	$	7.68

As of September 30, 2023, CONSOL Energy has 500,000 shares of preferred stock authorized, none of which are issued or outstanding.

Reclassifications

Revenue From Contracts With Customers

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

REVENUE FROM CONTRACTS WITH CUSTOMERS:

The following tables disaggregate CONSOL Energy's revenue from contracts with customers by product type and market:


	Three Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	169,143	$	37,134	$	206,277
Industrial	11,076		169,709		180,785
Metallurgical	—		62,556		62,556
Total Coal Revenue	180,219		269,399		449,618
Terminal Revenue					22,676
Freight Revenue					68,372
Total Revenue from Contracts with Customers					$	540,666


	Three Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	231,274	$	118,765	$	350,039
Industrial	3,877		51,956		55,833
Metallurgical	3,536		63,150		66,686
Total Coal Revenue	238,687		233,871		472,558
Terminal Revenue					14,840
Freight Revenue					42,619
Total Revenue from Contracts with Customers					$	530,017


	Nine Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	476,598	$	270,736	$	747,334
Industrial	29,814		560,382		590,196
Metallurgical	10,627		225,939		236,566
Total Coal Revenue	517,039		1,057,057		1,574,096
Terminal Revenue					80,755
Freight Revenue					217,435
Total Revenue from Contracts with Customers					$	1,872,286


	Nine Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	658,630	$	261,837	$	920,467
Industrial	14,671		312,617		327,288
Metallurgical	3,536		230,377		233,913
Total Coal Revenue	676,837		804,831		1,481,668
Terminal Revenue					58,016
Freight Revenue					131,419
Total Revenue from Contracts with Customers					$	1,671,103

Coal Revenue

Terminal Revenue

Freight Revenue

Contract Balances

Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs

COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit (Credit) Cost are as follows:


	Pension Benefits								Other Post-Employment Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	304	$	301	$	913	$	905	$	—	$	—	$	—	$	—
Interest Cost	6,756		4,135		20,270		12,404		3,261		1,975		9,783		5,924
Expected Return on Plan Assets	(9,867)		(9,319)		(29,602)		(27,957)		—		—		—		—
Amortization of Prior Service Credits	—		—		—		—		(601)		(601)		(1,804)		(1,804)
Amortization of Actuarial Loss	185		759		555		2,278		—		878		—		2,636
Net Periodic Benefit (Credit) Cost	$	(2,622)	$	(4,124)	$	(7,864)	$	(12,370)	$	2,660	$	2,252	$	7,979	$	6,756

Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs

COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost are as follows:


	CWP								Workers' Compensation
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	578	$	727	$	1,734	$	2,179	$	1,400	$	1,230	$	4,198	$	3,690
Interest Cost	2,071		1,265		6,214		3,795		628		343		1,885		1,027
Amortization of Actuarial (Gain) Loss	(261)		1,059		(784)		3,178		(512)		(106)		(1,537)		(316)
State Administrative Fees and Insurance Bond Premiums	—		—		—		—		471		449		1,482		1,334
Net Periodic Benefit Cost	$	2,388	$	3,051	$	7,164	$	9,152	$	1,987	$	1,916	$	6,028	$	5,735

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES: The Company recorded its provision for income taxes for the three and nine months ended September 30, 2023 of $21,032, or 17.3%, and $100,199, or 16.7%, respectively, of earnings before income taxes, based on its annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and nine months ended September 30, 2023 differs from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income. These tax provision amounts also include discrete tax adjustments primarily related to equity compensation. The provision for income taxes for the three and nine months ended September 30, 2022 of $39,414, or 20.6%, and $59,115, or 17.8%, respectively, of earnings before income taxes was based on the Company's annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and nine months ended September 30, 2022 differed from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income, partially offset by tax expense related to compensation. The tax provision amounts also included discrete tax adjustments primarily related to equity compensation and acquiring the remaining interest in a former equity investment. On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022. Management does not expect this legislation to have a material impact on the Company's financial statements. The Company is subject to taxation in the United States and certain of its various states, as well as Canada and certain of its various provinces. The Company is subject to examination for the tax periods 2018 through 2022 for federal and state returns.

Cash and Cash Equivalents and Short-Term Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Cash and Cash Equivalents and Short-Term Investments

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS:


	September 30,
	2023		2022
Cash and Cash Equivalents	$	167,586	$	268,853
Restricted Cash - Current(1)	46,313		45,941
Restricted Cash - Non-current(1)	2,095		5,854
Cash and Cash Equivalents and Restricted Cash	$	215,994	$	320,648

The Company's investments in available-for-sale securities are as follows:


	September 30, 2023
					Gross Unrealized
	Amortized Cost		Allowance for Credit Losses		Gains		Losses		Fair Value
U.S. Treasury Securities	$	81,073	$	—	$	—	$	(64)	$	81,009

Credit Losses

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Credit Losses

CREDIT LOSSES:


	Trade Receivables		Other Non-Trade Contractual Arrangements

Beginning Balance, December 31, 2022	$	1,731	$	7,051
Provision for expected credit losses	(1,276)		(124)
Write-off of uncollectible accounts	—		(45)
Ending Balance, September 30, 2023	$	455	$	6,882

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES:

Inventory components consist of the following:


	September 30, 2023		December 31, 2022
Coal	$	29,127	$	11,315
Supplies	69,259		54,975
Total Inventories	$	98,386	$	66,290

Accounts Receivable Securitization	9 Months Ended
Accounts Receivable Securitization	Sep. 30, 2023
Receivables [Abstract]
Accounts Receivable Securitization	ACCOUNTS RECEIVABLE SECURITIZATION: At September 30, 2023, CONSOL Energy and certain of its U.S. subsidiaries are parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. In March 2020, the securitization facility was amended to, among other things, extend the maturity date from August 30, 2021 to March 27, 2023. In July 2022, the securitization facility was again amended to, among other things, extend the maturity date to July 29, 2025. Pursuant to the securitization facility, CONSOL Thermal Holdings LLC, an indirect, wholly-owned subsidiary of the Company, sells trade receivables to CONSOL Pennsylvania Coal Company LLC, a wholly-owned subsidiary of the Company. CONSOL Marine Terminals LLC, a wholly-owned subsidiary of the Company, and CONSOL Pennsylvania Coal Company LLC sell and/or contribute trade receivables (including receivables sold to CONSOL Pennsylvania Coal Company LLC by CONSOL Thermal Holdings LLC) to CONSOL Funding LLC, a wholly-owned subsidiary of the Company (the “SPV”). The SPV, in turn, pledges its interests in the receivables to PNC Bank, N.A., which either makes loans or issues letters of credit on behalf of the SPV. The maximum amount of advances and letters of credit outstanding under the securitization facility may not exceed $100,000. Loans under the securitization facility accrue interest at a reserve-adjusted market index rate equal to the applicable term Secured Overnight Financing Rate (“SOFR”). Loans and letters of credit under the securitization facility also accrue a program fee and a letter of credit participation fee, respectively, ranging from 2.00% to 2.50% per annum depending on the total net leverage ratio of CONSOL Energy. In addition, the SPV paid certain structuring fees to PNC Capital Markets LLC and pays other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum. At September 30, 2023, the Company's eligible accounts receivable yielded $42,049 of borrowing capacity. At September 30, 2023, the facility had no outstanding borrowings and $42,007 of letters of credit outstanding, leaving available borrowing capacity of $42. At December 31, 2022, the Company's eligible accounts receivable yielded $85,179 of borrowing capacity. At December 31, 2022, the facility had no outstanding borrowings and $83,465 of letters of credit outstanding, leaving available borrowing capacity of $1,714. Costs associated with the receivables facility totaled $323 and $1,060 for the three and nine months ended September 30, 2023, respectively, and $198 and $813 for the three and nine months ended September 30, 2022, respectively. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consists of the following:


	September 30, 2023		December 31, 2022
Plant and Equipment	$	3,429,950	$	3,330,755
Coal Properties and Surface Lands	904,992		898,628
Airshafts	487,506		481,090
Mine Development	366,260		366,241
Advance Mining Royalties	331,948		331,863
Total Property, Plant and Equipment	5,520,656		5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,603,830		3,448,495
Total Property, Plant and Equipment - Net	$	1,916,826	$	1,960,082

Other Accrued Liabilities

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Accrued Liabilities

OTHER ACCRUED LIABILITIES:


	September 30, 2023		December 31, 2022
Subsidence Liability	$	104,265	$	96,623
Accrued Compensation and Benefits	72,754		67,893
Accrued Income Taxes	17,229		1,513
Accrued Other Taxes	7,865		10,551
Accrued Interest	3,212		7,942
Other	19,115		9,880
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	32,974		29,644
Postretirement Benefits Other than Pensions	21,697		22,436
Pneumoconiosis Benefits	12,571		12,723
Workers' Compensation	9,615		10,451
Total Other Accrued Liabilities	$	301,297	$	269,656

Long-Term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT:


	September 30, 2023		December 31, 2022
Debt:
MEDCO Revenue Bonds in Series due September 2025 at 5.75%	$	102,865	$	102,865
9.00% PEDFA Solid Waste Disposal Revenue Bonds due April 2028	75,000		75,000
11.00% Senior Secured Second Lien Notes due November 2025	—		99,107
Term Loan B due in September 2024 (Principal of $63,590 less Unamortized Discount of $106, 8.92% Weighted Average Interest Rate at December 31, 2022)	—		63,484
Other Debt Arrangements	1,671		2,400
Advance Royalty Commitments (8.09% Weighted Average Interest Rate)	7,716		7,716
Less: Unamortized Debt Issuance Costs	(1,804)		(3,721)
	185,448		346,851
Less: Amounts Due in One Year*	(2,027)		(4,741)
Long-Term Debt	$	183,421	$	342,110

* Excludes current portion of Finance Lease Obligations of $13,596 and $24,105 at September 30, 2023 and December 31, 2022, respectively.

Revolving Credit Facility

Second Lien Notes

PEDFA Bonds

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

COMMITMENTS AND CONTINGENT LIABILITIES:

order setting the trial date, which was held in February 2021. No ruling has been issued by the judge. The Company believes it has a meritorious defense and intends to vigorously defend this suit.


	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	48,034	$	29,649	$	18,385	$	—	$	—
Environmental	398		398		—		—		—
Other	132,770		117,955		14,815		—		—
Total Letters of Credit	$	181,202	$	148,002	$	33,200	$	—	$	—
Surety Bonds:
Employee-Related	$	81,010	$	47,760	$	33,250	$	—	$	—
Environmental	521,999		500,911		21,088		—		—
Other	3,848		3,643		205		—		—
Total Surety Bonds	$	606,857	$	552,314	$	54,543	$	—	$	—

Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

Coal Price Risk Management Positions

Tabular Derivatives Disclosures


	September 30, 2023				December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Coal Swap Contracts	$	—	$	—	$	6,024	$	(21,166)
Effect of Counterparty Netting	—		—		(6,024)		6,024
Net Derivatives as Classified in the Consolidated Balance Sheets	$	—	$	—	$	—	$	(15,142)

The Company classified the cash effects of its derivatives within the Cash Flows from Operating Activities section of the Consolidated Statements of Cash Flows.

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

FAIR VALUE OF FINANCIAL INSTRUMENTS:

The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level One - Quoted prices for identical instruments in active markets. The Company's Level 1 assets include marketable debt securities, primarily highly liquid U.S. Treasury securities.

Level Three - Unobservable inputs significant to the fair value measurement supported by little or no market activity.

The financial instruments measured at fair value on a recurring basis are summarized below:


	Fair Value Measurements at						Fair Value Measurements at
	September 30, 2023						December 31, 2022
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity Derivatives	$	—	$	—	$	—	$	—	$	(15,142)	$	—
U.S. Treasury Securities	$	81,009	$	—	$	—	$	—	$	—	$	—

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-Term Debt (Excluding Debt Issuance Costs)	$	187,252	$	201,767	$	350,572	$	365,789

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

EGMENT INFORMATION:

Reportable segment results for the three months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	431,090	$	—	$	18,528	$	449,618
Terminal Revenue	—		22,676		—		22,676
Freight Revenue	64,507		—		3,865		68,372
Total Revenue from Contracts with Customers	$	495,597	$	22,676	$	22,393	$	540,666
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	50,663	$	1,181	$	6,948	$	58,792
Capital Expenditures	$	35,404	$	2,630	$	3,633	$	41,667

Reportable segment results for the three months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	465,643	$	—	$	6,915	$	472,558
Terminal Revenue	—		14,840		—		14,840
Freight Revenue	42,618		—		1		42,619
Total Revenue from Contracts with Customers	$	508,261	$	14,840	$	6,916	$	530,017
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	49,316	$	1,149	$	4,308	$	54,773
Capital Expenditures	$	50,112	$	2,248	$	6,035	$	58,395

Reportable segment results for the nine months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,515,603	$	—	$	58,493	$	1,574,096
Terminal Revenue	—		80,755		—		80,755
Freight Revenue	206,725		—		10,710		217,435
Total Revenue from Contracts with Customers	$	1,722,328	$	80,755	$	69,203	$	1,872,286
Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	152,302	$	3,513	$	27,056	$	182,871
Capital Expenditures	$	99,706	$	4,329	$	13,714	$	117,749

Reportable segment results for the nine months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,457,595	$	—	$	24,073	$	1,481,668
Terminal Revenue	—		58,016		—		58,016
Freight Revenue	128,394		—		3,025		131,419
Total Revenue from Contracts with Customers	$	1,585,989	$	58,016	$	27,098	$	1,671,103
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	149,737	$	3,456	$	15,414	$	168,607
Capital Expenditures	$	84,763	$	2,608	$	47,085	$	134,456

For the three and nine months ended September 30, 2023 and 2022, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Customer A	$	72,335	*		$	207,746	*
Customer B	$	69,322	*		$	220,726	*

Customer C	*		$	100,635	*		$	311,707
Customer D	*		$	98,424	*		$	229,595

*Revenues from these customers during the periods presented were less than 10% of the Company's total sales.

Reconciliation of Segment Information to Consolidated Amounts:


	Three Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	132,442	$	12,098	$	(43,815)	$	100,725
Income Tax Expense	—		—		21,032		21,032
Interest Expense	—		1,524		5,121		6,645
Interest Income	(723)		—		(3,301)		(4,024)
Depreciation, Depletion and Amortization	50,663		1,181		6,948		58,792
Stock-Based Compensation	1,408		50		218		1,676
Loss on Debt Extinguishment	—		—		662		662
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508


	Three Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	210,855	$	5,602	$	(64,336)	$	152,121
Income Tax Expense	—		—		39,414		39,414
Interest Expense	—		1,528		10,434		11,962
Interest Income	(437)		—		(1,104)		(1,541)
Depreciation, Depletion and Amortization	49,316		1,149		4,308		54,773
Stock-Based Compensation	1,028		49		147		1,224
Loss on Debt Extinguishment	—		—		674		674
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	(81,246)		—		—		(81,246)
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881


	Nine Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	627,053	$	50,981	$	(179,209)	$	498,825
Income Tax Expense	—		—		100,199		100,199
Interest Expense	—		4,576		19,503		24,079
Interest Income	(1,644)		—		(7,758)		(9,402)
Depreciation, Depletion and Amortization	152,302		3,513		27,056		182,871
Stock-Based Compensation	7,108		254		1,099		8,461
Loss on Debt Extinguishment	—		—		2,725		2,725


Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758


	Nine Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	372,408	$	29,569	$	(128,015)	$	273,962
Income Tax Expense	—		—		59,115		59,115
Interest Expense	205		4,589		34,641		39,435
Interest Income	(1,304)		—		(3,005)		(4,309)
Depreciation, Depletion and Amortization	149,737		3,456		15,414		168,607
Stock-Based Compensation	5,622		268		804		6,694
Loss on Debt Extinguishment	—		—		4,361		4,361
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	15,085		—		—		15,085
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450

Stock and Debt Repurchases	9 Months Ended
Stock and Debt Repurchases	Sep. 30, 2023
Equity [Abstract]
Stock and Debt Repurchases	STOCK AND DEBT REPURCHASES: In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its Second Lien Notes. Since the program's inception, the Company's Board of Directors has subsequently amended the program several times. The most recent amendment occurred in April 2023, in which the aggregate limit of the Company's repurchase authority was raised to $1,000,000. The program terminates on December 31, 2024. Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock or notes are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock or notes, and the program can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement or indenture. During the nine months ended September 30, 2023, the Company did not make any open market repurchases of its Second Lien Notes in accordance with this program. During the nine months ended September 30, 2022, the Company spent $26,387 to repurchase $25,000 of its Second Lien Notes in accordance with this program. During the nine months ended September 30, 2023, the Company repurchased and retired 3,980,389 shares of the Company's common stock at an average price of $67.68 per share. No shares of common stock were repurchased under this program during the nine months ended September 30, 2022.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income	$ 100,725	$ 167,723	$ 230,377	$ 152,121	$ 126,291	$ (4,450)	$ 498,825	$ 273,962

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James A. Brock [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 13, 2023, James A. Brock, a member of our Board of Directors and Chief Executive Officer of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of up to 80,000 shares of our Common Stock, subject to certain conditions. First trades will not occur until December 18, 2023, and the arrangement's expiration date is June 28, 2024.
Name	James A. Brock
Title	member of our Board of Directors and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 13, 2023
Arrangement Duration	193 days
Aggregate Available	80,000	80,000
Martha A. Wiegand [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 15, 2023, Martha A. Wiegand, General Counsel and Secretary of the Company, adopted a Rule 10b5-1 trading arrangement for the sale of up to 10,000 shares of our Common Stock, subject to certain conditions. First trades will not occur until December 15, 2023, and the arrangement's expiration date is June 14, 2024.
Name	Martha A. Wiegand
Title	General Counsel and Secretary of the Company
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2023
Arrangement Duration	182 days
Aggregate Available	10,000	10,000

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for future periods. The Consolidated Balance Sheet at December 31, 2022 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Form 10-Q report should be read in conjunction with CONSOL Energy Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022. All dollar amounts discussed in these Notes to Consolidated Financial Statements are in thousands of U.S. dollars, except for per share amounts, and unless otherwise indicated.
Basis of Consolidation	Basis of Consolidation The Consolidated Financial Statements include the accounts of CONSOL Energy Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05 - Business Combinations—Joint Venture Formations (Subtopic 805-60). The amendments in this update address the accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital in a joint venture's financial statements and (2) reduce diversity in practice. The amendments in this update do not amend the definition of a joint venture, the accounting by an equity method investor for its investment in a joint venture, or the accounting by a joint venture for contributions received after its formation. The amendments in this update are effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Existing joint ventures may elect to apply the guidance retrospectively. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements. In March 2023, the FASB issued ASU 2023-02 - Investments—Equity Method and Joint Ventures (Topic 323). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. The amendments in this update apply to all reporting entities that hold (1) tax equity investments that meet the conditions for and elect to account for them using the proportional amortization method or (2) an investment in a low-income-housing tax credit (LIHTC) structure through a limited liability entity that is not accounted for using the proportional amortization method and to which certain LIHTC-specific guidance removed from Subtopic 323-740, Investments—Equity Method and Joint Ventures—Income Taxes, has been applied. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Management is currently evaluating the impact of this guidance, but does not expect this update to have a material impact on the Company's financial statements.
Earnings per Share	Earnings per ShareBasic earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the reporting period. Dilutive earnings per share are computed similarly to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities, as applicable, were used to acquire shares of common stock at the average market price during the reporting period.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period. These reclassifications had no effect on previously reported total assets, stockholders' equity, net income or cash flows from operating activities.

Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings per share because their effect would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Anti-Dilutive Restricted Stock Units	—	80	1,031	403
Anti-Dilutive Performance Share Units	—	—	—	—
	—	80	1,031	403

Schedule of Earnings Per Share, Basic and Diluted

The computations for basic and dilutive earnings per share are as follows:


Dollars in thousands, except per share data	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net Income	$	100,725	$	152,121	$	498,825	$	273,962

Denominator:
Weighted-average shares of common stock outstanding	31,928,295		34,870,154		33,330,892		34,793,069
Effect of dilutive shares	464,394		906,437		479,628		900,513
Weighted-average diluted shares of common stock outstanding	32,392,689		35,776,591		33,810,520		35,693,582

Earnings per Share:
Basic	$	3.15	$	4.36	$	14.97	$	7.87
Dilutive	$	3.11	$	4.25	$	14.75	$	7.68

Revenue From Contracts With Customers (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables disaggregate CONSOL Energy's revenue from contracts with customers by product type and market:


	Three Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	169,143	$	37,134	$	206,277
Industrial	11,076		169,709		180,785
Metallurgical	—		62,556		62,556
Total Coal Revenue	180,219		269,399		449,618
Terminal Revenue					22,676
Freight Revenue					68,372
Total Revenue from Contracts with Customers					$	540,666


	Three Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	231,274	$	118,765	$	350,039
Industrial	3,877		51,956		55,833
Metallurgical	3,536		63,150		66,686
Total Coal Revenue	238,687		233,871		472,558
Terminal Revenue					14,840
Freight Revenue					42,619
Total Revenue from Contracts with Customers					$	530,017


	Nine Months Ended September 30, 2023
	Domestic		Export		Total
Power Generation	$	476,598	$	270,736	$	747,334
Industrial	29,814		560,382		590,196
Metallurgical	10,627		225,939		236,566
Total Coal Revenue	517,039		1,057,057		1,574,096
Terminal Revenue					80,755
Freight Revenue					217,435
Total Revenue from Contracts with Customers					$	1,872,286


	Nine Months Ended September 30, 2022
	Domestic		Export		Total
Power Generation	$	658,630	$	261,837	$	920,467
Industrial	14,671		312,617		327,288
Metallurgical	3,536		230,377		233,913
Total Coal Revenue	676,837		804,831		1,481,668
Terminal Revenue					58,016
Freight Revenue					131,419
Total Revenue from Contracts with Customers					$	1,671,103

Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

The components of Net Periodic Benefit (Credit) Cost are as follows:


	Pension Benefits								Other Post-Employment Benefits
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	304	$	301	$	913	$	905	$	—	$	—	$	—	$	—
Interest Cost	6,756		4,135		20,270		12,404		3,261		1,975		9,783		5,924
Expected Return on Plan Assets	(9,867)		(9,319)		(29,602)		(27,957)		—		—		—		—
Amortization of Prior Service Credits	—		—		—		—		(601)		(601)		(1,804)		(1,804)
Amortization of Actuarial Loss	185		759		555		2,278		—		878		—		2,636
Net Periodic Benefit (Credit) Cost	$	(2,622)	$	(4,124)	$	(7,864)	$	(12,370)	$	2,660	$	2,252	$	7,979	$	6,756

Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The components of Net Periodic Benefit Cost are as follows:


	CWP								Workers' Compensation
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022		2023		2022		2023		2022
Service Cost	$	578	$	727	$	1,734	$	2,179	$	1,400	$	1,230	$	4,198	$	3,690
Interest Cost	2,071		1,265		6,214		3,795		628		343		1,885		1,027
Amortization of Actuarial (Gain) Loss	(261)		1,059		(784)		3,178		(512)		(106)		(1,537)		(316)
State Administrative Fees and Insurance Bond Premiums	—		—		—		—		471		449		1,482		1,334
Net Periodic Benefit Cost	$	2,388	$	3,051	$	7,164	$	9,152	$	1,987	$	1,916	$	6,028	$	5,735

Cash and Cash Equivalents and Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Cash, Cash Equivalents and Investments


	September 30,
	2023		2022
Cash and Cash Equivalents	$	167,586	$	268,853
Restricted Cash - Current(1)	46,313		45,941
Restricted Cash - Non-current(1)	2,095		5,854
Cash and Cash Equivalents and Restricted Cash	$	215,994	$	320,648

Debt Securities, Available-for-Sale

The Company's investments in available-for-sale securities are as follows:


	September 30, 2023
					Gross Unrealized
	Amortized Cost		Allowance for Credit Losses		Gains		Losses		Fair Value
U.S. Treasury Securities	$	81,073	$	—	$	—	$	(64)	$	81,009

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss


	Trade Receivables		Other Non-Trade Contractual Arrangements

Beginning Balance, December 31, 2022	$	1,731	$	7,051
Provision for expected credit losses	(1,276)		(124)
Write-off of uncollectible accounts	—		(45)
Ending Balance, September 30, 2023	$	455	$	6,882

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current


	September 30, 2023		December 31, 2022
Coal	$	29,127	$	11,315
Supplies	69,259		54,975
Total Inventories	$	98,386	$	66,290

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consists of the following:


	September 30, 2023		December 31, 2022
Plant and Equipment	$	3,429,950	$	3,330,755
Coal Properties and Surface Lands	904,992		898,628
Airshafts	487,506		481,090
Mine Development	366,260		366,241
Advance Mining Royalties	331,948		331,863
Total Property, Plant and Equipment	5,520,656		5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,603,830		3,448,495
Total Property, Plant and Equipment - Net	$	1,916,826	$	1,960,082

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Liabilities


	September 30, 2023		December 31, 2022
Subsidence Liability	$	104,265	$	96,623
Accrued Compensation and Benefits	72,754		67,893
Accrued Income Taxes	17,229		1,513
Accrued Other Taxes	7,865		10,551
Accrued Interest	3,212		7,942
Other	19,115		9,880
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	32,974		29,644
Postretirement Benefits Other than Pensions	21,697		22,436
Pneumoconiosis Benefits	12,571		12,723
Workers' Compensation	9,615		10,451
Total Other Accrued Liabilities	$	301,297	$	269,656

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


	September 30, 2023		December 31, 2022
Debt:
MEDCO Revenue Bonds in Series due September 2025 at 5.75%	$	102,865	$	102,865
9.00% PEDFA Solid Waste Disposal Revenue Bonds due April 2028	75,000		75,000
11.00% Senior Secured Second Lien Notes due November 2025	—		99,107
Term Loan B due in September 2024 (Principal of $63,590 less Unamortized Discount of $106, 8.92% Weighted Average Interest Rate at December 31, 2022)	—		63,484
Other Debt Arrangements	1,671		2,400
Advance Royalty Commitments (8.09% Weighted Average Interest Rate)	7,716		7,716
Less: Unamortized Debt Issuance Costs	(1,804)		(3,721)
	185,448		346,851
Less: Amounts Due in One Year*	(2,027)		(4,741)
Long-Term Debt	$	183,421	$	342,110

* Excludes current portion of Finance Lease Obligations of $13,596 and $24,105 at September 30, 2023 and December 31, 2022, respectively.

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations


	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	48,034	$	29,649	$	18,385	$	—	$	—
Environmental	398		398		—		—		—
Other	132,770		117,955		14,815		—		—
Total Letters of Credit	$	181,202	$	148,002	$	33,200	$	—	$	—
Surety Bonds:
Employee-Related	$	81,010	$	47,760	$	33,250	$	—	$	—
Environmental	521,999		500,911		21,088		—		—
Other	3,848		3,643		205		—		—
Total Surety Bonds	$	606,857	$	552,314	$	54,543	$	—	$	—

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments


	September 30, 2023				December 31, 2022
	Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Coal Swap Contracts	$	—	$	—	$	6,024	$	(21,166)
Effect of Counterparty Netting	—		—		(6,024)		6,024
Net Derivatives as Classified in the Consolidated Balance Sheets	$	—	$	—	$	—	$	(15,142)

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The financial instruments measured at fair value on a recurring basis are summarized below:


	Fair Value Measurements at						Fair Value Measurements at
	September 30, 2023						December 31, 2022
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Commodity Derivatives	$	—	$	—	$	—	$	—	$	(15,142)	$	—
U.S. Treasury Securities	$	81,009	$	—	$	—	$	—	$	—	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amounts and fair values of financial instruments for which the fair value option was not elected are as follows:


	September 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-Term Debt (Excluding Debt Issuance Costs)	$	187,252	$	201,767	$	350,572	$	365,789

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Reportable segment results for the three months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	431,090	$	—	$	18,528	$	449,618
Terminal Revenue	—		22,676		—		22,676
Freight Revenue	64,507		—		3,865		68,372
Total Revenue from Contracts with Customers	$	495,597	$	22,676	$	22,393	$	540,666
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	50,663	$	1,181	$	6,948	$	58,792
Capital Expenditures	$	35,404	$	2,630	$	3,633	$	41,667

Reportable segment results for the three months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	465,643	$	—	$	6,915	$	472,558
Terminal Revenue	—		14,840		—		14,840
Freight Revenue	42,618		—		1		42,619
Total Revenue from Contracts with Customers	$	508,261	$	14,840	$	6,916	$	530,017
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	49,316	$	1,149	$	4,308	$	54,773
Capital Expenditures	$	50,112	$	2,248	$	6,035	$	58,395

Reportable segment results for the nine months ended September 30, 2023 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,515,603	$	—	$	58,493	$	1,574,096
Terminal Revenue	—		80,755		—		80,755
Freight Revenue	206,725		—		10,710		217,435
Total Revenue from Contracts with Customers	$	1,722,328	$	80,755	$	69,203	$	1,872,286
Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758
Segment Assets	$	1,616,224	$	83,422	$	959,869	$	2,659,515
Depreciation, Depletion and Amortization	$	152,302	$	3,513	$	27,056	$	182,871
Capital Expenditures	$	99,706	$	4,329	$	13,714	$	117,749

Reportable segment results for the nine months ended September 30, 2022 are:


	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,457,595	$	—	$	24,073	$	1,481,668
Terminal Revenue	—		58,016		—		58,016
Freight Revenue	128,394		—		3,025		131,419
Total Revenue from Contracts with Customers	$	1,585,989	$	58,016	$	27,098	$	1,671,103
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450
Segment Assets	$	1,782,514	$	80,534	$	859,228	$	2,722,276
Depreciation, Depletion and Amortization	$	149,737	$	3,456	$	15,414	$	168,607
Capital Expenditures	$	84,763	$	2,608	$	47,085	$	134,456

Schedule of Revenue by Major Customers by Reporting Segments

For the three and nine months ended September 30, 2023 and 2022, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Customer A	$	72,335	*		$	207,746	*
Customer B	$	69,322	*		$	220,726	*

Customer C	*		$	100,635	*		$	311,707
Customer D	*		$	98,424	*		$	229,595

*Revenues from these customers during the periods presented were less than 10% of the Company's total sales.

Schedule of Adjusted EBITDA

Reconciliation of Segment Information to Consolidated Amounts:


	Three Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	132,442	$	12,098	$	(43,815)	$	100,725
Income Tax Expense	—		—		21,032		21,032
Interest Expense	—		1,524		5,121		6,645
Interest Income	(723)		—		(3,301)		(4,024)
Depreciation, Depletion and Amortization	50,663		1,181		6,948		58,792
Stock-Based Compensation	1,408		50		218		1,676
Loss on Debt Extinguishment	—		—		662		662
Adjusted EBITDA	$	183,790	$	14,853	$	(13,135)	$	185,508


	Three Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	210,855	$	5,602	$	(64,336)	$	152,121
Income Tax Expense	—		—		39,414		39,414
Interest Expense	—		1,528		10,434		11,962
Interest Income	(437)		—		(1,104)		(1,541)
Depreciation, Depletion and Amortization	49,316		1,149		4,308		54,773
Stock-Based Compensation	1,028		49		147		1,224
Loss on Debt Extinguishment	—		—		674		674
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	(81,246)		—		—		(81,246)
Adjusted EBITDA	$	179,516	$	8,328	$	(6,963)	$	180,881


	Nine Months Ended September 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	627,053	$	50,981	$	(179,209)	$	498,825
Income Tax Expense	—		—		100,199		100,199
Interest Expense	—		4,576		19,503		24,079
Interest Income	(1,644)		—		(7,758)		(9,402)
Depreciation, Depletion and Amortization	152,302		3,513		27,056		182,871
Stock-Based Compensation	7,108		254		1,099		8,461
Loss on Debt Extinguishment	—		—		2,725		2,725


Adjusted EBITDA	$	784,819	$	59,324	$	(36,385)	$	807,758


	Nine Months Ended September 30, 2022
	PAMC		CONSOL Marine Terminal		Other		Total Company
Net Income (Loss)	$	372,408	$	29,569	$	(128,015)	$	273,962
Income Tax Expense	—		—		59,115		59,115
Interest Expense	205		4,589		34,641		39,435
Interest Income	(1,304)		—		(3,005)		(4,309)
Depreciation, Depletion and Amortization	149,737		3,456		15,414		168,607
Stock-Based Compensation	5,622		268		804		6,694
Loss on Debt Extinguishment	—		—		4,361		4,361
Equity Affiliate Adjustments	—		—		3,500		3,500
Fair Value Adjustment of Commodity Derivative Instruments	15,085		—		—		15,085
Adjusted EBITDA	$	541,753	$	37,882	$	(13,185)	$	566,450

Basis of Presentation - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	80	1,031	403
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	80	1,031	403
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	0	0

Basis of Presentation - Schedule of Basic and Dilutive Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Income	$ 100,725	$ 167,723	$ 230,377	$ 152,121	$ 126,291	$ (4,450)	$ 498,825	$ 273,962
Denominator:
Weighted-average shares of common stock outstanding	31,928,295			34,870,154			33,330,892	34,793,069
Effect of dilutive shares	464,394			906,437			479,628	900,513
Weighted-average diluted shares of common stock outstanding	32,392,689			35,776,591			33,810,520	35,693,582
Earnings per Share:
Basic (in dollars per share)	$ 3.15			$ 4.36			$ 14.97	$ 7.87
Diluted (in dollars per share)	$ 3.11			$ 4.25			$ 14.75	$ 7.68

Basis of Presentation - Narrative (Details)	Sep. 30, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Preferred stock, shares authorized	500,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0

Revenue From Contracts With Customers - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 540,666	$ 530,017	$ 1,872,286	$ 1,671,103
Coal
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	449,618	472,558	1,574,096	1,481,668
Power Generation
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	206,277	350,039	747,334	920,467
Industrial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	180,785	55,833	590,196	327,288
Metallurgical
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	62,556	66,686	236,566	233,913
Terminal Revenue
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	22,676	14,840	80,755	58,016
Freight Revenue
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	68,372	42,619	217,435	131,419
Domestic \| Coal
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	180,219	238,687	517,039	676,837
Domestic \| Power Generation
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	169,143	231,274	476,598	658,630
Domestic \| Industrial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	11,076	3,877	29,814	14,671
Domestic \| Metallurgical
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	0	3,536	10,627	3,536
Export \| Coal
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	269,399	233,871	1,057,057	804,831
Export \| Power Generation
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	37,134	118,765	270,736	261,837
Export \| Industrial
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	169,709	51,956	560,382	312,617
Export \| Metallurgical
Disaggregation of Revenue [Line Items]
Total Revenue from Contracts with Customers	$ 62,556	$ 63,150	$ 225,939	$ 230,377

Revenue From Contracts With Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Coal
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	$ 0		$ 0		$ 0
Capitalized contract cost, amortization	0	$ 0	0	$ 0
Terminal Revenue
Disaggregation of Revenue [Line Items]
Capitalized contract cost, net	0		0		$ 0
Capitalized contract cost, amortization	0	0	0	0
Contract with customer, liability, revenue recognized	$ 0	$ 0	$ 0	$ 0

Components of Pension and Other Post-employment Benefit (OPEB) Plans Net Periodic Benefit Costs - Components of Net Periodic Benefit (Credit) Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Defined Contribution Plan Disclosure [Line Items]
Service Cost	$ 304	$ 301	$ 913	$ 905
Interest Cost	6,756	4,135	20,270	12,404
Expected Return on Plan Assets	(9,867)	(9,319)	(29,602)	(27,957)
Amortization of Prior Service Credits	0	0	0	0
Amortization of Actuarial Loss	185	759	555	2,278
Net Periodic Benefit (Credit) Cost	(2,622)	(4,124)	(7,864)	(12,370)
Other Post-Employment Benefits
Defined Contribution Plan Disclosure [Line Items]
Service Cost	0	0	0	0
Interest Cost	3,261	1,975	9,783	5,924
Expected Return on Plan Assets	0	0	0	0
Amortization of Prior Service Credits	(601)	(601)	(1,804)	(1,804)
Amortization of Actuarial Loss	0	878	0	2,636
Net Periodic Benefit (Credit) Cost	$ 2,660	$ 2,252	$ 7,979	$ 6,756

Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs - Components of Net Period Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CWP
Defined Contribution Plan Disclosure [Line Items]
Service Cost	$ 578	$ 727	$ 1,734	$ 2,179
Interest Cost	2,071	1,265	6,214	3,795
Amortization of Actuarial Loss	(261)	1,059	(784)	3,178
State Administrative Fees and Insurance Bond Premiums	0	0	0	0
Net Periodic Benefit (Credit) Cost	2,388	3,051	7,164	9,152
Workers' Compensation
Defined Contribution Plan Disclosure [Line Items]
Service Cost	1,400	1,230	4,198	3,690
Interest Cost	628	343	1,885	1,027
Amortization of Actuarial Loss	(512)	(106)	(1,537)	(316)
State Administrative Fees and Insurance Bond Premiums	471	449	1,482	1,334
Net Periodic Benefit (Credit) Cost	$ 1,987	$ 1,916	$ 6,028	$ 5,735

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Expense	$ 21,032	$ 39,414	$ 100,199	$ 59,115
Effective income tax rate reconciliation, percent	173.00%	20.60%	16.70%	178.00%
Effective income tax rate reconciliation, at federal statutory income tax rate, percent			21.00%	21.00%

Cash and Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Purchases of short-term investments	$ 162,422	$ 0

Cash and Cash Equivalents and Short-Term Investments - Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Cash and Cash Equivalents	$ 167,586	$ 273,070	$ 268,853
Restricted Cash - Current	46,313		45,941
Restricted Cash - Non-current	2,095		5,854
Cash and Cash Equivalents and Restricted Cash	$ 215,994	$ 326,952	$ 320,648	$ 198,206

Cash and Cash Equivalents and Short-Term Investments - Investments in Available-for-Sale Securities (Details) - U.S. Treasury Securities $ in Thousands	Sep. 30, 2023 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Amortized Cost	$ 81,073
Allowance for Credit Losses	0
Gains	0
Losses	(64)
Fair Value	$ 81,009

Credit Losses - Allowance for Credit Losses by Portfolio (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Trade Receivables
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 1,731
Provision for expected credit losses	(1,276)
Write-off of uncollectible accounts	0
Ending Balance	455
Other Non-Trade Contractual Arrangements
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	7,051
Provision for expected credit losses	(124)
Write-off of uncollectible accounts	(45)
Ending Balance	$ 6,882

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Coal	$ 29,127	$ 11,315
Supplies	69,259	54,975
Total Inventories	$ 98,386	$ 66,290

Accounts Receivable Securitization (Details) - USD ($)	3 Months Ended		9 Months Ended
Accounts Receivable Securitization (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments of financing costs			$ 2,810,000	$ 7,766,000
Line of Credit \| Accounts Receivable Securitization Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000		$ 100,000,000
Line of credit facility, unused capacity, commitment fee percentage			6.00%
Accounts receivable eligible for securitization	42,049,000		$ 42,049,000		$ 85,179,000
Line of credit facility, fair value of amount outstanding	0		0		0
Letters of credit outstanding, amount	42,007,000		42,007,000		83,465,000
Line of credit facility, remaining borrowing capacity	42,000		42,000		$ 1,714,000
Payments of financing costs	$ 323,000	$ 198,000	$ 1,060,000	$ 813,000
Line of Credit \| Accounts Receivable Securitization Facility \| Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Line of credit facility, commitment fee percentage			200.00%
Line of Credit \| Accounts Receivable Securitization Facility \| Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Line of credit facility, commitment fee percentage			25.00%

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	$ 5,520,656	$ 5,408,577
Less: Accumulated Depreciation, Depletion and Amortization	3,603,830	3,448,495
Total Property, Plant and Equipment - Net	1,916,826	1,960,082
Plant and Equipment
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	3,429,950	3,330,755
Coal Properties and Surface Lands
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	904,992	898,628
Airshafts
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	487,506	481,090
Mine Development
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	366,260	366,241
Advance Mining Royalties
Property, Plant and Equipment [Line Items]
Total Property, Plant and Equipment	$ 331,948	$ 331,863

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Finance lease, right-of-use asset, before accumulated amortization	$ 74,507		$ 74,507		$ 90,516
Finance lease, right-of-use asset, accumulated amortization	57,225		57,225		$ 54,028
Finance lease, right-of-use asset, amortization	$ 6,524	$ 5,960	$ 20,369	$ 18,058

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Subsidence Liability	$ 104,265	$ 96,623
Accrued Compensation and Benefits	72,754	67,893
Accrued Income Taxes	17,229	1,513
Accrued Other Taxes	7,865	10,551
Accrued Interest	3,212	7,942
Other	19,115	9,880
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	32,974	29,644
Postretirement Benefits Other than Pensions	21,697	22,436
Pneumoconiosis Benefits	12,571	12,723
Workers' Compensation	9,615	10,451
Total Other Accrued Liabilities	$ 301,297	$ 269,656

Long-Term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Apr. 30, 2021	Nov. 30, 2017
Debt Instrument [Line Items]
Less: Unamortized Debt Issuance Costs	$ (1,804)	$ (3,721)
Principal amount	185,448	346,851
Less: amounts due in one year	(2,027)	(4,741)
Long-Term Debt	183,421	342,110
MEDCO Revenue Bonds in Series Due September 2025 at 5.75%
Debt Instrument [Line Items]
Long-term debt, gross	$ 102,865	$ 102,865
Stated interest rate percentage	5.75%	5.75%
PEDFA Solid Waste Disposal Revenue Bonds
Debt Instrument [Line Items]
Long-term debt, gross	$ 75,000	$ 75,000
Stated interest rate percentage	9.00%	9.00%	900.00%
Other Asset Backed Financing
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,671	$ 2,400
Advance Royalty Commitments
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,716	$ 7,716
Weighted average interest rate	8.09%	8.09%
Senior Notes \| Senior Secured Second Lien Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 99,107
Stated interest rate percentage	11.00%	11.00%		11.00%
Loans Payable \| Revolving Credit Facility
Debt Instrument [Line Items]
Finance lease, liability, current	$ 13,596	$ 24,105
Loans Payable \| Term Loan B Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	63,484
Less: Unamortized Debt Issuance Costs		(106)
Principal amount		$ 63,590
Weighted average interest rate		8.92%

Long-Term Debt - Narrative (Details) T in Billions	1 Months Ended	3 Months Ended						9 Months Ended
Long-Term Debt - Narrative (Details) T in Billions	Apr. 30, 2021 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) T	Sep. 30, 2022 USD ($)	Mar. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 30, 2017 USD ($)
Debt Instrument [Line Items]
Number of tons \| T								1.4
Assets		$ 2,659,515,000			$ 2,722,276,000			$ 2,659,515,000	$ 2,722,276,000		$ 2,704,377,000
Net Income		100,725,000	$ 167,723,000	$ 230,377,000	152,121,000	$ 126,291,000	$ (4,450,000)	498,825,000	273,962,000
Gain (loss) on extinguishment of debt		$ 662,000			674,000			2,725,000	4,361,000
Senior Secured Second Lien Notes due 2025
Debt Instrument [Line Items]
Repayments of debt								$ 101,832,000	26,387,000
PEDFA Solid Waste Disposal Revenue Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	900.00%	9.00%						9.00%			9.00%
Debt instrument, face amount	$ 75,000,000,000
Debt instrument, term	7 years
Proceeds from issuance of debt	$ 75,000,000
Restricted cash		$ 20,320,000						$ 20,320,000			$ 35,516,000
PEDFA Solid Waste Disposal Revenue Bonds Due April 2028 \| Restricted Cash
Debt Instrument [Line Items]
Payment of capital construction project, qualified costs		8,442,000			2,376,000			16,313,000	7,100,000
Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Assets		148,200,000						148,200,000			158,877,000
Accounts receivable, after allowance for credit loss		147,664,000						147,664,000			$ 158,127,000
Net Income		$ 235,000			6,400,000			$ 4,843,000	10,492,000
Senior Notes \| Senior Secured Second Lien Notes due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		11.00%						11.00%			11.00%	11.00%
Repayments of debt								$ 101,832,000	26,387,000
Debt instrument, repurchased face amount		$ 99,107,000			$ 25,000,000			99,107,000	$ 25,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		0						0			$ 0
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			355,000,000							$ 260,000,000		$ 300,000,000
Line of credit facility, maximum borrowing capacity, option to increase, maximum increase amount			45,000,000
Line of credit facility, maximum borrowing capacity, option to increase, maximum amount			$ 400,000,000
Letters of credit outstanding, amount		139,195,000						139,195,000			103,029,000
Line of credit facility, remaining borrowing capacity		$ 215,805,000						$ 215,805,000			$ 296,971,000
Revolving Credit Facility and TLA Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, covenant, net leverage ratio, maximum					2.50				2.50
Debt instrument, covenant, fixed charge coverage ratio, minimum					1.10				1.10
Debt instrument, covenant, first lien gross leverage ratio, actual		0.02						0.02
Debt instrument, covenant, net leverage ratio, actual		(0.05)						(0.05)
Debt instrument, covenant, fixed charge coverage ratio, actual		3.53						3.53
Revolving Credit Facility and TLA Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, covenant, first lien gross leverage ratio					1.50				1.50

Commitments and Contingent Liabilities - Narrative (Details) $ in Millions		9 Months Ended
	Aug. 23, 2017 plaintiff	Sep. 30, 2023 USD ($) plaintiff
Fitzwater Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		3
Casey Litigation \| Pending Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	2
United Mine Workers of America 1992 Benefit Plan Litigation \| Pending Litigation \| Minimum
Loss Contingencies [Line Items]
Annual servicing costs \| $		$ 10
United Mine Workers of America 1992 Benefit Plan Litigation \| Pending Litigation \| Maximum
Loss Contingencies [Line Items]
Annual servicing costs \| $		$ 20

Commitments and Contingent Liabilities - Guarantor Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Letters of Credit:
Loss Contingencies [Line Items]
Total Amounts Committed	$ 181,202
Less Than 1 Year	148,002
1-3 Years	33,200
3-5 Years	0
Beyond 5 Years	0
Letters of Credit: \| Employee-Related
Loss Contingencies [Line Items]
Total Amounts Committed	48,034
Less Than 1 Year	29,649
1-3 Years	18,385
3-5 Years	0
Beyond 5 Years	0
Letters of Credit: \| Environmental
Loss Contingencies [Line Items]
Total Amounts Committed	398
Less Than 1 Year	398
1-3 Years	0
3-5 Years	0
Beyond 5 Years	0
Letters of Credit: \| Other
Loss Contingencies [Line Items]
Total Amounts Committed	132,770
Less Than 1 Year	117,955
1-3 Years	14,815
3-5 Years	0
Beyond 5 Years	0
Surety Bonds:
Loss Contingencies [Line Items]
Total Amounts Committed	606,857
Less Than 1 Year	552,314
1-3 Years	54,543
3-5 Years	0
Beyond 5 Years	0
Surety Bonds: \| Employee-Related
Loss Contingencies [Line Items]
Total Amounts Committed	81,010
Less Than 1 Year	47,760
1-3 Years	33,250
3-5 Years	0
Beyond 5 Years	0
Surety Bonds: \| Environmental
Loss Contingencies [Line Items]
Total Amounts Committed	521,999
Less Than 1 Year	500,911
1-3 Years	21,088
3-5 Years	0
Beyond 5 Years	0
Surety Bonds: \| Other
Loss Contingencies [Line Items]
Total Amounts Committed	3,848
Less Than 1 Year	3,643
1-3 Years	205
3-5 Years	0
Beyond 5 Years	$ 0

Derivatives - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Derivatives - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives and commodity contracts	$ (81,246)	$ 15,085
Coal Contract
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss), investment and derivative	(81,311)	(241,486)
Unrealized gain (loss) on derivatives and commodity contracts	$ (81,246)	$ 15,085

Derivatives - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Asset Derivatives
Effect of Counterparty Netting	$ 0	$ (6,024)
Net Derivatives as Classified in the Consolidated Balance Sheets	0	0
Liability Derivatives
Effect of Counterparty Netting	0	6,024
Net Derivatives as Classified in the Consolidated Balance Sheets	0	(15,142)
Coal Contract
Asset Derivatives
Coal Swap Contracts	0	6,024
Liability Derivatives
Coal Swap Contracts	$ 0	$ (21,166)

Fair Value of Financial instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 81,009
Fair Value, Recurring \| Level 1 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	81,009	$ 0
Fair Value, Recurring \| Level 1 \| Commodity Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liabilities	0	0
Fair Value, Recurring \| Level 2 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Recurring \| Level 2 \| Commodity Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liabilities	0	(15,142)
Fair Value, Recurring \| Level 3 \| U.S. Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Recurring \| Level 3 \| Commodity Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net derivative liabilities	$ 0	$ 0

Fair Value of Financial instruments - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt (Excluding Debt Issuance Costs)	$ 187,252	$ 350,572
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt (Excluding Debt Issuance Costs)	$ 201,767	$ 365,789

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	$ 540,666	$ 530,017	$ 1,872,286	$ 1,671,103
Adjusted EBITDA	185,508	180,881	807,758	566,450
Segment Assets	2,659,515	2,722,276	2,659,515	2,722,276	$ 2,704,377
Depreciation, Depletion and Amortization	58,792	54,773	182,871	168,607
Capital Expenditures	41,667	58,395	117,749	134,456
Coal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	449,618	472,558	1,574,096	1,481,668
Terminal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	22,676	14,840	80,755	58,016
Freight Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	68,372	42,619	217,435	131,419
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	22,393	6,916	69,203	27,098
Adjusted EBITDA	(13,135)	(6,963)	(36,385)	(13,185)
Segment Assets	959,869	859,228	959,869	859,228
Depreciation, Depletion and Amortization	6,948	4,308	27,056	15,414
Capital Expenditures	3,633	6,035	13,714	47,085
Other, Corporate and Eliminations \| Coal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	18,528	6,915	58,493	24,073
Other, Corporate and Eliminations \| Terminal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	0	0	0	0
Other, Corporate and Eliminations \| Freight Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	3,865	1	10,710	3,025
PAMC \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	495,597	508,261	1,722,328	1,585,989
Adjusted EBITDA	183,790	179,516	784,819	541,753
Segment Assets	1,616,224	1,782,514	1,616,224	1,782,514
Depreciation, Depletion and Amortization	50,663	49,316	152,302	149,737
Capital Expenditures	35,404	50,112	99,706	84,763
PAMC \| Operating Segments \| Coal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	431,090	465,643	1,515,603	1,457,595
PAMC \| Operating Segments \| Terminal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	0	0	0	0
PAMC \| Operating Segments \| Freight Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	64,507	42,618	206,725	128,394
CONSOL Marine Terminal \| Operating Segments
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	22,676	14,840	80,755	58,016
Adjusted EBITDA	14,853	8,328	59,324	37,882
Segment Assets	83,422	80,534	83,422	80,534
Depreciation, Depletion and Amortization	1,181	1,149	3,513	3,456
Capital Expenditures	2,630	2,248	4,329	2,608
CONSOL Marine Terminal \| Operating Segments \| Coal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	0	0	0	0
CONSOL Marine Terminal \| Operating Segments \| Terminal Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	22,676	14,840	80,755	58,016
CONSOL Marine Terminal \| Operating Segments \| Freight Revenue
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	$ 0	$ 0	$ 0	$ 0

Segment Information - Schedule of Revenue by Major Customers by Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	$ 540,666	$ 530,017	$ 1,872,286	$ 1,671,103
Revenue Benchmark \| Customer Concentration Risk \| Customer A
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	72,335		207,746
Revenue Benchmark \| Customer Concentration Risk \| Customer B
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers	$ 69,322		$ 220,726
Revenue Benchmark \| Customer Concentration Risk \| Customer C
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers		100,635		311,707
Revenue Benchmark \| Customer Concentration Risk \| Customer D
Segment Reporting Information [Line Items]
Total Revenue from Contracts with Customers		$ 98,424		$ 229,595

Segment Information - Schedule of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net Income (Loss)	$ 100,725	$ 152,121	$ 498,825	$ 273,962
Income Tax Expense	21,032	39,414	100,199	59,115
Interest Expense	6,645	11,962	24,079	39,435
Interest Income	(4,024)	(1,541)	(9,402)	(4,309)
Depreciation, Depletion and Amortization	58,792	54,773	182,871	168,607
Stock-Based Compensation	1,676	1,224	8,461	6,694
Loss on Debt Extinguishment	662	674	2,725	4,361
Equity Affiliate Adjustments		3,500	3,500
Fair Value Adjustment of Commodity Derivative Instruments		(81,246)		15,085
Adjusted EBITDA	185,508	180,881	807,758	566,450
Other, Corporate and Eliminations
Segment Reporting Information [Line Items]
Net Income (Loss)	(43,815)	(64,336)	(179,209)	(128,015)
Income Tax Expense	21,032	39,414	100,199	59,115
Interest Expense	5,121	10,434	19,503	34,641
Interest Income	(3,301)	(1,104)	(7,758)	(3,005)
Depreciation, Depletion and Amortization	6,948	4,308	27,056	15,414
Stock-Based Compensation	218	147	1,099	804
Loss on Debt Extinguishment	662	674	2,725	4,361
Equity Affiliate Adjustments		3,500	3,500
Fair Value Adjustment of Commodity Derivative Instruments		0		0
Adjusted EBITDA	(13,135)	(6,963)	(36,385)	(13,185)
PAMC \| Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss)	132,442	210,855	627,053	372,408
Income Tax Expense	0	0	0	0
Interest Expense	0	0	0	205
Interest Income	(723)	(437)	(1,644)	(1,304)
Depreciation, Depletion and Amortization	50,663	49,316	152,302	149,737
Stock-Based Compensation	1,408	1,028	7,108	5,622
Loss on Debt Extinguishment	0	0	0	0
Equity Affiliate Adjustments		0	0
Fair Value Adjustment of Commodity Derivative Instruments		(81,246)		15,085
Adjusted EBITDA	183,790	179,516	784,819	541,753
CONSOL Marine Terminal \| Operating Segments
Segment Reporting Information [Line Items]
Net Income (Loss)	12,098	5,602	50,981	29,569
Income Tax Expense	0	0	0	0
Interest Expense	1,524	1,528	4,576	4,589
Interest Income	0	0	0	0
Depreciation, Depletion and Amortization	1,181	1,149	3,513	3,456
Stock-Based Compensation	50	49	254	268
Loss on Debt Extinguishment	0	0	0	0
Equity Affiliate Adjustments		0	0
Fair Value Adjustment of Commodity Derivative Instruments		0		0
Adjusted EBITDA	$ 14,853	$ 8,328	$ 59,324	$ 37,882

Stock and Debt Repurchases - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Apr. 30, 2023	Dec. 31, 2022	Nov. 30, 2017
Class of Stock [Line Items]
Aggregate authorized amount						$ 1,000,000
Stock repurchased and retired during period, shares	1,547,846	1,225,134	1,207,409	3,980,389
Treasury stock acquired, average cost per share (in dollars per share)				$ 67.68
Stock repurchased during period (in shares)					0
Senior Secured Second Lien Notes due 2025
Class of Stock [Line Items]
Repayments of debt				$ 101,832	$ 26,387
Senior Notes \| Senior Secured Second Lien Notes due 2025
Class of Stock [Line Items]
Debt instrument, interest rate, stated percentage	11.00%			11.00%			11.00%	11.00%
Repayments of debt				$ 101,832	26,387
Debt instrument, repurchased face amount	$ 99,107			$ 99,107	$ 25,000

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