Consol Energy Inc. (CNX) boosted its forecast for total coal production this year, citing strong performance in a handful of its mines.
The company has benefited with other coal producers from robust global demand even as it aggressively expands its natural-gas production in Pennsylvania's Marcellus Shale formation.
For the full year, Consol now sees annual coal production between 62 million and 63 million tons, up from its prior expectation of 60 million to 62 million tons. For the current quarter, it expects production between 14.4 and 14.8 million tons, while in the quarter ended June 30, Consol expects total coal production of 15.4 million tons.
"Consol's mines ran very well during the quarter," said Consol Chief Executive J. Brett Harvey. "Buchanan Mine ran especially well, considering that it made a longwall move during the quarter. Our Shoemaker Mine also set daily and monthly production records."
Last quarter, the company posted a higher first-quarter profit amid higher-than-expected coal production and surging prices.
Shares of Consol were recently up 1.6% to $49.50. The stock is up 33% in the past year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; firstname.lastname@example.org