Segment Information

6 Months Ended

Jun. 30, 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 June 30, 2024 are:

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	384,442	$	—	$	24,880	$	409,322
Terminal Revenue	—		12,020		—		12,020
Freight Revenue	63,450		—		2,190		65,640
Other Revenue	—		—		3,738		3,738
Total Revenue from Contracts with Customers	$	447,892	$	12,020	$	30,808	$	490,720
Adjusted EBITDA	$	138,446	$	5,168	$	(19,076)	$	124,538
Segment Assets	$	1,665,463	$	85,445	$	959,546	$	2,710,454
Depreciation, Depletion and Amortization	$	43,675	$	1,233	$	9,939	$	54,847
Capital Expenditures	$	47,043	$	3,737	$	4,628	$	55,408

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

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	521,176	$	—	$	19,923	$	541,099
Terminal Revenue	—		31,368		—		31,368
Freight Revenue	77,882		—		3,674		81,556
Total Revenue from Contracts with Customers	$	599,058	$	31,368	$	23,597	$	654,023
Adjusted EBITDA	$	270,065	$	23,856	$	(17,971)	$	275,950
Segment Assets	$	1,682,118	$	82,326	$	913,905	$	2,678,349
Depreciation, Depletion and Amortization	$	50,268	$	1,176	$	13,084	$	64,528
Capital Expenditures	$	37,495	$	1,124	$	3,706	$	42,325

Reportable segment results for the six months ended June 30, 2024 are:

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	800,629	$	—	$	56,620	$	857,249
Terminal Revenue	—		36,548		—		36,548
Freight Revenue	130,350		—		5,132		135,482
Other Revenue	—		—		8,130		8,130
Total Revenue from Contracts with Customers	$	930,979	$	36,548	$	69,882	$	1,037,409
Adjusted EBITDA	$	307,779	$	22,008	$	(23,496)	$	306,291
Segment Assets	$	1,665,463	$	85,445	$	959,546	$	2,710,454
Depreciation, Depletion and Amortization	$	91,944	$	2,474	$	17,426	$	111,844
Capital Expenditures	$	84,001	$	4,800	$	8,959	$	97,760

Reportable segment results for the six months ended June 30, 2023 are:

	PAMC		CONSOL Marine Terminal		Other, Corporate and Eliminations		Consolidated
Coal Revenue	$	1,084,513	$	—	$	39,965	$	1,124,478
Terminal Revenue	—		58,079		—		58,079
Freight Revenue	142,219		—		6,844		149,063
Total Revenue from Contracts with Customers	$	1,226,732	$	58,079	$	46,809	$	1,331,620
Adjusted EBITDA	$	601,029	$	44,471	$	(23,250)	$	622,250
Segment Assets	$	1,682,118	$	82,326	$	913,905	$	2,678,349
Depreciation, Depletion and Amortization	$	101,639	$	2,332	$	20,108	$	124,079
Capital Expenditures	$	64,302	$	1,699	$	10,081	$	76,082

For the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Customer A	$	60,982	*		$	107,468	*
Customer B	*		*		$	109,828	$	151,404
Customer C	*		$	67,197	$	108,921	$	135,412
Customer D	*		$	70,725	*		$	145,034

*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 June 30, 2024
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	94,295	$	2,321	$	(38,555)	$	58,061
Income Tax Expense	—		—		9,027		9,027
Interest Expense	—		1,518		3,475		4,993
Interest Income	(1,320)		—		(3,307)		(4,627)
Depreciation, Depletion and Amortization	43,675		1,233		9,939		54,847
Stock-Based Compensation	1,796		96		345		2,237
Adjusted EBITDA	$	138,446	$	5,168	$	(19,076)	$	124,538

	Three Months Ended June 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	218,636	$	21,094	$	(72,007)	$	167,723
Income Tax Expense	—		—		37,574		37,574
Interest Expense	—		1,526		5,629		7,155
Interest Income	(513)		—		(3,198)		(3,711)
Depreciation, Depletion and Amortization	50,268		1,176		13,084		64,528
Stock-Based Compensation	1,674		60		259		1,993
Loss on Debt Extinguishment	—		—		688		688
Adjusted EBITDA	$	270,065	$	23,856	$	(17,971)	$	275,950

	Six Months Ended June 30, 2024
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	212,466	$	16,152	$	(68,666)	$	159,952
Income Tax Expense	—		—		25,870		25,870
Interest Expense	—		3,039		7,360		10,399
Interest Income	(2,613)		—		(6,516)		(9,129)
Depreciation, Depletion and Amortization	91,944		2,474		17,426		111,844
Stock-Based Compensation	5,982		343		1,030		7,355
Adjusted EBITDA	$	307,779	$	22,008	$	(23,496)	$	306,291

	Six Months Ended June 30, 2023
	PAMC		CONSOL Marine Terminal		Other		Consolidated
Net Income (Loss)	$	494,611	$	38,883	$	(135,394)	$	398,100
Income Tax Expense	—		—		79,167		79,167
Interest Expense	—		3,052		14,382		17,434
Interest Income	(921)		—		(4,457)		(5,378)
Depreciation, Depletion and Amortization	101,639		2,332		20,108		124,079
Stock-Based Compensation	5,700		204		881		6,785
Loss on Debt Extinguishment	—		—		2,063		2,063
Adjusted EBITDA	$	601,029	$	44,471	$	(23,250)	$	622,250