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Short-Term Notes Payable
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements [Abstract]  
Short-Term Notes Payable:
SHORT-TERM NOTES PAYABLE:
On April 12, 2011, CONSOL Energy amended and extended its $1,500,000 Senior Secured Credit Agreement through April 12, 2016. The previous facility was set to expire on May 7, 2014. The amendment provides more favorable pricing and the facility continues to be secured by substantially all of the assets of CONSOL Energy and certain of its subsidiaries. CONSOL Energy's credit facility allows for up to $1,500,000 of borrowings and letters of credit. CONSOL Energy can request an additional $250,000 increase in the aggregate borrowing limit amount. Fees and interest rate spreads are based on a ratio of financial covenant debt to twelve-month trailing earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), measured quarterly. The facility includes a minimum interest coverage ratio covenant of no less than 2.50 to 1.00, measured quarterly. The interest coverage ratio was 5.80 to 1.00 at December 31, 2011. The facility includes a maximum leverage ratio covenant of not more than 4.75 to 1.00, measured quarterly. The leverage ratio was 2.15 to 1.00 at December 31, 2011. The facility also includes a senior secured leverage ratio covenant of not more than 2.00 to 1.00, measured quarterly. The senior secured leverage ratio was 0.19 to 1.00 at December 31, 2011. Affirmative and negative covenants in the facility limit our ability to dispose of assets, make investments, purchase or redeem CONSOL Energy common stock, pay dividends, merge with another corporation and amend, modify or restate the senior unsecured notes. At December 31, 2011, the $1,500,000 facility had no borrowings outstanding and $265,673 of letters of credit outstanding, leaving $1,234,327 of capacity available for borrowings and the issuance of letters of credit. At December 31, 2010, the $1,500,000 facility had $155,000 of borrowings outstanding and $266,656 of letters of credit outstanding, leaving $1,078,344 of capacity available for borrowings and the issuance of letters of credit. The facility bore a weighted average interest rate of 3.76% at December 31, 2010.

On April 12, 2011, CNX Gas entered into a $1,000,000 Senior Secured Credit Agreement which extends until April 12, 2016. It replaced the $700,000 Senior Secured Credit Facility which was set to expire on May 6, 2014. The replacement facility provides more favorable pricing and the facility continues to be secured by substantially all of the assets of CNX Gas and its subsidiaries. CNX Gas' credit facility allows for up to $1,000,000 for borrowings and letters of credit. CNX Gas can request an additional $250,000 increase in the aggregate borrowing limit amount. The facility was increased to meet the asset development needs of the company. Fees and interest rate spreads are based on the percentage of facility utilization, measured quarterly. Covenants in the facility limit CNX Gas’ ability to dispose of assets, make investments, pay dividends and merge with another corporation. An amendment to the credit agreement was approved by the lenders and became effective December 14, 2011. The amendment allows unlimited investments in joint ventures for the development and operation of gas gathering systems and provides for $600,000 of loans, advances, and dividends from CNX Gas to CONSOL Energy. Investments in the CONE Gathering Company (See Note 27–Related Party Transactions) are unrestricted under this amendment. The facility includes a maximum leverage ratio covenant of not more than 3.50 to 1.00, measured quarterly. The leverage ratio was 0.00 to 1.00 at December 31, 2011. The facility also includes a minimum interest coverage ratio covenant of no less than 3.00 to 1.00, measured quarterly. This ratio was 34.18 to 1.00 at December 31, 2011. At December 31, 2011, the $1,000,000 facility had no borrowings outstanding and $70,203 of letters of credit outstanding, leaving $929,797 of capacity available for borrowings and the issuance of letters of credit. At December 31, 2010, the $700,000 facility had $129,000 of borrowings outstanding and $70,203 of letters of credit outstanding, leaving $500,797 of capacity available for borrowings and the issuance of letters of credit. The facility bore a weighted average interest rate of 2.26% as of December 31, 2010.