Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

EGMENT 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, carbon products and materials businesses led by CONSOL Innovations LLC, 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 productivity 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 March 31, 2024 are:

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	416,187	$	—	$	31,740	$	447,927
Terminal Revenue	—		24,528		—		24,528
Freight Revenue	66,900		—		2,942		69,842
Other Revenue	—		—		4,392		4,392
Total Revenue from Contracts with Customers	$	483,087	$	24,528	$	39,074	$	546,689
Adjusted EBITDA	$	169,333	$	16,840	$	(4,420)	$	181,753
Segment Assets	$	1,612,850	$	82,818	$	984,456	$	2,680,124
Depreciation, Depletion and Amortization	$	48,269	$	1,241	$	7,487	$	56,997
Capital Expenditures	$	36,958	$	1,063	$	4,331	$	42,352

Reportable segment results for the three months ended March 31, 2023 are:

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	563,337	$	—	$	20,042	$	583,379
Terminal Revenue	—		26,711		—		26,711
Freight Revenue	64,337		—		3,170		67,507
Total Revenue from Contracts with Customers	$	627,674	$	26,711	$	23,212	$	677,597
Adjusted EBITDA	$	330,963	$	20,615	$	(5,278)	$	346,300
Segment Assets	$	1,687,932	$	82,019	$	925,360	$	2,695,311
Depreciation, Depletion and Amortization	$	51,371	$	1,156	$	7,024	$	59,551
Capital Expenditures	$	26,807	$	575	$	6,375	$	33,757

For the three months ended March 31, 2024 and 2023, the Company's reportable segments had revenues from the following customers, each comprising over 10% of the Company's total sales:

	Three Months Ended March 31,
	2024		2023
Customer A	$	74,260	$	86,504
Customer B	$	64,479	$	68,214
Customer C	*		$	74,309

*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 March 31, 2024
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	118,171	$	13,831	$	(30,111)	$	101,891
Income Tax Expense	—		—		16,843		16,843
Interest Expense	—		1,521		3,885		5,406
Interest Income	(1,293)		—		(3,209)		(4,502)
Depreciation, Depletion and Amortization	48,269		1,241		7,487		56,997
Stock-Based Compensation	4,186		247		685		5,118
Adjusted EBITDA	$	169,333	$	16,840	$	(4,420)	$	181,753

	Three Months Ended March 31, 2023
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	276,276	$	17,789	$	(63,688)	$	230,377
Income Tax Expense	—		—		41,593		41,593
Interest Expense	(301)		1,526		9,054		10,279
Interest Income	(408)		—		(1,259)		(1,667)
Depreciation, Depletion and Amortization	51,371		1,156		7,024		59,551
Stock-Based Compensation	4,025		144		623		4,792
Loss on Debt Extinguishment	—		—		1,375		1,375
Adjusted EBITDA	$	330,963	$	20,615	$	(5,278)	$	346,300