“CONSOL’s mines ran exceptionally well during the quarter,” said Brett Harvey, chairman and CEO. As a result, CONSOL Energy has revised its annual production figures upward from 59 to 61 million tons to between 60 and 62 million tons, with second quarter production between 14.75 and 15.25 million tons. This guidance reflects the normal seasonal production pattern, which would result in 2011’s first and fourth quarter production being higher than the second and third quarters. Second quarter production is also expected to be affected by six longwall moves.
Thermal coal inventories rose by 600,000 tons to 2.5 million tons during the quarter due to the higher-than-expected production. Low-vol Buchanan inventory was unchanged from December 31, 2010, at 200,000 tons.
