Core Natural Resources Inc (CEIX) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen and welcome to the CEIX third quarter, 2024 earnings conference call at this time. All lines are in listen-only mode following the presentation, we will conduct a question and answer session. If at any time during this call require immediate assistance. Please press star zero for the operator. This call is being recorded on Tuesday, November 5th 2024. I would now like to turn the conference over to Nathan Tucker, Director of Finance and Investor Relations. Please go ahead.

女士們、先生們，早安，歡迎參加 CEIX 2024 年第三季財報電話會議。演示結束後，所有線路均處於只聽模式，我們將進行問答環節。如果在此通話期間任何時間需要立即協助。請按星號零聯繫接線員。該通話於 2024 年 11 月 5 日星期二錄製。現在，我想將會議交給財務和投資者關係總監 Nathan Tucker。請繼續。

Good morning everyone and thank you for joining us. Welcome to Consol Energy's third quarter, 2024 earnings conference call. Any forward-looking statements or comments we make about future events are subject to risks, certain of which we have outlined in our press release and in our SEC filings and are considered forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934. We do not undertake any obligation of updating any forward-looking statements for future events or otherwise.

大家早安，感謝大家的參與。歡迎參加 Consol Energy 2024 年第三季財報電話會議。我們對未來事件所做的任何前瞻性陳述或評論都存在風險，其中一些風險我們已在新聞稿和美國證券交易委員會文件中進行了概述，並被視為《1934 年證券交易法》第 21E 條所定義的前瞻性陳述。我們不承擔針對未來事件或其他情況更新任何前瞻性陳述的義務。

We will also be discussing certain Non-GAAP Financial measures which are defined and reconciled to comparable GAAP Financial measures in our 2024 third quarter press release furnished to the SEC on Form 8-K, which is also posted on our website. Additionally, we filed our 10-Q for the quarter ended September 30th 2024 with the SEC this morning. You can find additional information regarding the company on our website www.consol energy.com, which also includes a supplemental slide deck that was posted this morning.

我們還將討論在 2024 年第三季新聞稿（以 8-K 表格形式提交給美國證券交易委員會）中定義並與可比較 GAAP 財務指標相協調的某些非 GAAP 財務指標，該新聞稿也發佈在我們的網站上。此外，我們今天早上向美國證券交易委員會提交了截至 2024 年 9 月 30 日的季度 10-Q 報表。您可以在我們的網站 www.consol energy.com 上找到有關該公司的更多信息，其中還包括今天早上發布的補充幻燈片。

on the call with me today are Jimmy Brock, our Chairman and Chief Executive Officer, Mitesh Thakkar, President and Chief Financial Officer and Bob Braithwaite, our Senior Vice President of Marketing and Sales.

今天與我一起參加電話會議的有我們的董事長兼執行長 Jimmy Brock、總裁兼財務長 Mitesh Thakkar 以及我們的行銷和銷售高級副總裁 Bob Braithwaite。

In his prepared remarks, Jimmy will highlight our third quarter achievements and strong operational results.

吉米將在準備好的發言中強調我們第三季的成就和強勁的營運表現。

Mitesh will then provide an update on our [coal] markets, financial performance and our most recent liability management initiative before providing an update on our 2024 outlook. In his closing comments, Jimmy will provide an update on the proposed merger with [arch] resources and lay out our key priorities for the remainder of the year as we prepare to head into 2025 there will be a Q&A session following our prepared remarks in which Bob will also participate with that. Let me turn it over to Jimmy.

然後，Mitesh 將介紹我們的 [煤炭] 市場、財務表現和我們最新的負債管理舉措，然後介紹我們 2024 年的展望。在結束語中，Jimmy 將介紹與 [arch] 資源擬議合併的最新進展，並列出我們今年剩餘時間的主要優先事項，因為我們準備進入 2025 年，在我們準備好的發言之後將有一個問答環節，Bob 也將參加其中。讓我把它交給吉米。

Thank you, Nate and good morning everyone.

謝謝你，Nate，大家早安。

I am very pleased to report that console energy had a very strong financial and operational performance in the third quarter despite a planned longwall move and a planned summer maintenance shutdown as we work to turn the page from the Francis Scott key bridge collapse and its effect on [Arkansas marine terminal].

我很高興地報告，儘管我們正努力擺脫 Francis Scott Key 大橋倒塌事故及其對公司的影響，但 Console Energy 在第三季度的財務和運營表現非常強勁，儘管我們計劃進行長壁移動和夏季維護停工。[阿肯色州海運碼頭]。

The PMC achieved its highest ever third quarter sales and production tonnage level. Additionally, due in part to the strong production volumes, the PMC achieved its lowest cash cost of [coal] sold per ton level since the first quarter of 2023.

PMC 第三季的銷售和生產噸位達到了歷史最高水準。此外，部分由於產量強勁，PMC 實現了自 2023 年第一季以來每噸 [煤炭] 銷售現金成本的最低水準。

These results are a testament to the resiliency of our operations and desirability of our product. on the operations front beginning with our safety performance, our Bailey Preparation plant and Itmann preparation plant each had zero employee recordable incidents during the third quarter of 2024. our coal operations finished the quarter with a total recordable incident rate , [Well] below the national average for underground coal mines, coal production at the Pennsylvania Mining Complex came in at $7.2 million tons in Q3 2024 compared to $6.1million tons in the prior year period.

這些結果證明了我們營運的彈性和我們產品的吸引力。在營運方面，從我們的安全績效開始，我們的 Bailey 準備工廠和 Itmann 準備工廠在 2024 年第三季度均未發生任何員工可記錄事故。

The mines operated well during the quarter and completed the planned Longwall move very timely, safely and efficiently which contributed to the strong production performance ,Compared to Q3 2023. Our PMC average cash cost of [coal sold] per ton for Q3 2024 was [$35.85] compared to [$38.36] in Q3 2023 mainly due to improve production tonnage as well as reduced contractor and purchase servicing cost. We finished our last plan long haul move of 2024 in the third quarter for the PMC.

本季礦場運作良好，非常及時、安全、有效率地完成了計畫中的長壁移動，與 2023 年第三季相比，這有助於實現強勁的生產業績。2024 年第三季度，我們的 PMC 每噸 [售煤] 平均現金成本為 [35.85 美元]，而 2023 年第三季度為 [38.36 美元]，這主要是由於生產噸位提高以及承包商和採購服務成本降低。我們在第三季為 PMC 完成了 2024 年的最後一個長期計劃。

Moving on to the Itmann mining complex during the third quarter of 2024 sales from the complex including third party tons were 152,000 tons compared to 164,000 tons , In Q2 2024 this slot impairment was due to ongoing equipment delivery delays with a major supplier and adverse geological conditions. Both of which limited our production in the quarter.

談到伊特曼採礦綜合體，2024 年第三季度，該綜合體的銷售額（包括第三方噸）為 152,000 噸，而去年同期為 164,000 噸。這兩種情況都限制了我們本季的產量。

We continue to deal with abnormally long lead times on both new and rebuilt section equipment during Q3 2024. However, the first of four miners was received in October and we currently expect the remaining three to be delivered shortly, possibly by the end of this year.

2024 年第三季度，我們將繼續處理新建和重建部分設備的異常長的交貨時間。然而，四台採礦機中的第一台已於十月份接收，我們目前預計剩餘三台將很快交付，可能在今年年底前。

These continuous miner units are expected to increase the overall productivity of the mine while we waited for these machines, the Itmann mine operated two of its three continuous miner section as super sections in the third quarter of 2024. And despite being limited in the number of sections, we could run long term mains development progressed toward the end of September, the Itmann mine began retreat mining which we expect will improve our efficiency and productivity.

在我們等待這些機器的同時，這些連續採礦機裝置有望提高礦山的整體生產率，Itmann 礦山在 2024 年第三季將其三個連續採礦機段中的兩個作為超級段運作。儘管區塊數量有限，我們仍能進行長期主要開發，截至 9 月底，Itmann 礦場開始進行撤退開採，我們預計這將提高我們的效率和生產力。

Furthermore, at the end of October, a deep cut plan was approved by [MSA] for two of the three continuous minor sections which will also improve the overall efficiency of the mine moving to the consol marine terminal rebounding from the Francis Scott key bridge collapse that limited our export capacity for much of the second quarter , the CMT shipped $4.7 million tons during the third quarter of 2024 compared to $4.3 million tons in the prior quarter.

此外，10 月底，[MSA] 批准了一項針對三個連續小段中的兩個的深度削減計劃，這也將提高礦場向康索爾海運碼頭轉移的整體效率。

For Q3 2024 terminal revenues came in at $23.7 million. And CMT operating cash costs were $6.9 million accordingly. CMT adjusted EBITDA finished at $15.9 million compared to $14.9 million in the prior year period. With that, let me turn the call over to Mitesh to provide the marketing and financial updates.

2024 年第三季的終端收入為 2,370 萬美元。相應地，CMT 的營運現金成本為 690 萬美元。CMT 調整後 EBITDA 為 1,590 萬美元，去年同期為 1,490 萬美元。說完這些，讓我將電話轉給 Mitesh，讓他提供行銷和財務更新資訊。

Thank you, Jimmy and good morning, everyone.

謝謝你，吉米，大家早安。

Let me start with an update on the marketing front and our contracting progress.

讓我先介紹一下行銷方面的最新情況和我們的合約進度。

During [3] to 24 we sold $6.8 million tons of PMC coal at an average coal revenue per ton sold of [$64.28] compared to $6.1 million tons at [$70.34] in the year ago period. In the domestic market, low natural gas prices and an inventory overhang from warm winter weather have weighed on the ability of power plants to consume and procure additional coal throughout much of 2024.

在 [3] 至 24 日期間，我們銷售了價值 680 萬美元的 PMC 煤炭，平均每噸煤炭收入為 [64.28 美元]，而去年同期為 610 萬美元，每噸平均收入為 [70.34 美元]。在國內市場，低廉的天然氣價格和溫暖冬季天氣導致的庫存過剩，影響了發電廠在 2024 年大部分時間內消耗和購買額外煤炭的能力。

However, more recently [PJ Investia] had power prices increased more than 20% in the third quarter compared to two Q2 2024. According to EVA Northern [Appalachian] coal bond increased by approximately 30% over the same time period.

然而，最近[PJ Investia]的電價在第三季與2024年第二季相比上漲了20%以上。據 EVA 稱，北方 [阿巴拉契亞] 煤炭債券在同一時期上漲了約 30%。

Looking ahead, there are signs of further optimism, domestic power demand growth is expected to accelerate due to data center build outs and [E growth]. This has led to additional potential delays in coal plant retirements.

展望未來，有進一步樂觀的跡象，由於資料中心的建設和[E 成長]。這可能導致燃煤電廠退役進一步延遲。

Duke Energy Indiana recently announced a plan to delay the retirement of multiple units by several years to 2038. This is a positive development indicating a changing sentiment towards baseload power in the US. In September, Mackenzie and company increased its forecast for US data center energy consumption in 2030 by 50% compared to its forecast from just a year ago.

杜克能源印第安納州公司最近宣布了一項計劃，將多個機組的退役時間推遲數年至2038年。這是一個積極的發展，顯示美國對基荷電力的態度正在改變。今年 9 月，麥肯齊和公司對 2030 年美國資料中心能源消耗的預測與一年前的預測相比提高了 50%。

With this backdrop, we have been able to layer in several multiyear contracts in the domestic market during the course of this year on the international front throughout the third quarter which is typically the shoulder season. [AP] I two prices remain resilient and average approximately $115 per metric ton.

在此背景下，我們在今年第三季（通常是淡季）的國際市場上簽訂了幾份多年合約。[美聯社] 兩種價格仍保持堅挺，平均約為每公噸 115 美元。

European coal demand has recently picked back up and buyers are securing cargoes ahead of the winter. Moving to Asia indian demand for Napco has softened due to prolonged monsoon season and [lower pet coke prices.]

歐洲煤炭需求近期有所回升，買家正在為冬季來臨之前確保貨物安全。轉向亞洲，由於季風季節延長，印度對 Napco 的需求減弱，[降低石油焦價格。

However, demand for our crossover metallurgical product has been robust this year, particularly in China and Southeast Asia. And due to the optionality of our PMC product, we elected to move more tons into this market During the third quarter. We shipped a total of $1.1 million tons into the crossover met market during three Q 2024 which was by far our highest ever quarterly level into that market. Our product blends very well with high quality cooking cores out of Australia. And the lifting of the ban on these calls into China has helped us significantly increase sales into this market.

然而，今年我們的交叉冶金產品的需求強勁，尤其是在中國和東南亞。並且由於我們的 PMC 產品的可選性，我們選擇在第三季將更多噸產品推向該市場。2024 年第三季度，我們向交叉冶金市場共出貨了價值 110 萬美元的礦石，這是迄今為止我們向該市場出貨的最高季度水準。我們的產品與澳洲的高品質烹飪核心完美融合。解除對這些呼叫的禁令幫助我們大幅增加了在這個市場的銷售額。

This quarter. Once again highlighted the strategic value of our high quality product with the optionality to serve many different end use markets and our ability to quickly pivot among them. Looking ahead internationally, we continue to see an improving outlook for coal demand. For instance, the International Energy Agency recently published its annual world energy outlook. Within this report, the [IEA] has issued an afford revision to its projected coal consumption in 2030 by 6% compared to its report from last year.

本季。再次凸顯了我們的高品質產品的策略價值，以及服務許多不同終端使用市場的能力，以及我們在這些市場之間快速轉變的能力。展望國際情勢，我們持續看到煤炭需求前景改善。例如，國際能源總署最近發布了年度世界能源展望。在這份報告中，國際能源總署對2030年煤炭消費量預測進行了大幅修訂，與去年的報告相比，上調了6%。

Moving on to the contracting front, we remain near fully contracted in 2024 based on the midpoint of our production guidance to work. Three Q 2024 is elected to take a proven and patient approach when adding to a contracting book due to the recent weakness in petcoke prices and the prolonged monsoon season in India which have caused many of our industrial customers to become more short term focused.

在承包方面，根據我們的生產指導中點，我們在 2024 年的合約仍接近全部完成。由於近期石油焦價格疲軟以及印度季風季節延長，導致我們的許多工業客戶更加註重短期利益，因此在 2024 年第三季度，我們選擇採取行之有效且耐心的方式增加合約訂單。

However, demand has remained strong in our industrial markets and we expect to increase our book further as we close out the year. during three Q 2024 we increased our contracted position to approximately $18 million tons in 2025.

然而，我們工業市場的需求依然強勁，我們預計在年底時我們的訂單將進一步增加。在 2024 年第三季度，我們將合約額度增加至 2025 年的約 1,800 萬噸。

Now let me provide a quick recap of our financial results before providing an update on our insurance claim and some exciting news on continued liability management efforts. This morning, we reported impressive third quarter, 2024 operational and financial performances.

現在，讓我簡要回顧一下我們的財務業績，然後再介紹我們的保險索賠的最新情況以及有關持續負債管理工作的一些令人興奮的消息。今天上午，我們報告了令人印象深刻的 2024 年第三季營運和財務表現。

We achieved net income of $96 million for [$3.22] per diluted share and adjusted a beta of $179 million accordingly. We generated $122 million of free cash flow which was higher than the free cash flow generated in the first half of 2024.

我們實現每股攤薄收益 3.22 美元，淨利潤 9,600 萬美元，相應調整貝塔係數為 1.79 億美元。我們產生了 1.22 億美元的自由現金流，高於 2024 年上半年產生的自由現金流。

During three Q 2024 we made debt repayments of $2 million spent $39 million in capital expenditures and paid a dividend totaling $7 million to our shareholders.

在 2024 年三個季度，我們償還了 200 萬美元的債務，花費了 3,900 萬美元的資本支出，並向股東支付了總計 700 萬美元的股息。

Consistent with the capital return framework outlined in the merger agreement with our resources. We announced $0.25 per share dividend which will be payable on November 26th 2024 due to the temporary closure of the port of port more in two Q 2024.

與我們的資源合併協議中概述的資本回報框架一致。我們宣布每股 0.25 美元的股息，由於 2024 年兩個季度以上的港口暫時關閉，該股息將於 2024 年 11 月 26 日支付。

our second quarter results were significantly impacted. And as such, we have been hard at work with our insurance adjusters to calculate a potential business interruption claim related to the incident. As of mid October, we submitted a formal claim and we hope to reach final settlement by the end of 2024.

我們第二季的業績受到了嚴重影響。因此，我們一直在努力與保險理賠員合作，計算與事件相關的潛在業務中斷索賠。截至 10 月中旬，我們提交了正式索賠，並希望在 2024 年底前達成最終解決方案。

Now let's move on to our most recent Liability Management initiative.

現在讓我們討論最新的責任管理措施。

In early October, we finalized agreements with the Pennsylvania dep to establish a global water treatment Trust fund as what we believe to be an industry First, in terms of scope and magnitude. The fund will provide an alternative financial assurance mechanism for all our legacy perpetual water treatment liabilities located in Pennsylvania, which consist of 22 total facilities or approximately two thirds of the legacy mining operations managed by Kansas.

十月初，我們與賓州政府達成協議，成立一個全球水處理信託基金，我們認為，無論從範圍或規模上講，這都是業界的首創。該基金將為我們位於賓州的所有遺留永久性水處理負債提供替代的財務保障機制，這些負債總共包括 22 個設施，約佔堪薩斯州管理的遺留採礦業務的三分之二。

The Water trust establishes a long term mechanism to pay for these liabilities over time and in turn will reduce our exposure to surety bonds and collateral requirements.

水信託建立了一個長期機制，以便隨著時間的推移償還這些債務，從而減少我們對保證金和抵押品要​​求的風險。

The PA facilities account for approximately 83% of all surety bonds tied to our legacy environmental liabilities and approximately 40% of our legacy related asset retirement obligations.

PA 設施約佔與我們遺留環境負債相關的所有保證金的 83%，約占我們遺留相關資產退役義務的 40%。

We have agreed to a minimum $2 million annual contribution until the fund reaches $74 million based on initial valuation including earnings ,as the cash value of the fund grows over time. Surety bonds will be reduced and released by the PA DEP for comparison, our PA water treatment surety bond footprint is approximately $120 million and it will eventually be all released.

我們同意每年至少出資 200 萬美元，直到基金達到基於包括收益在內的初始估值的 7,400 萬美元，因為基金的現金價值會隨著時間的推移而增長。為了進行比較，賓州環保署將減少並釋放保證金，我們的賓州水處理保證金規模約為 1.2 億美元，最終將全部釋放。

As part of the agreement, CEX has agreed to make an initial contribution into the fund of approximately $12 million , $2 million of which was paid in October with the balance due within 90 days of close subject to certain bonds being released by the PA DEP this initial contribution will fully funded [12 of the 22] facilities and result in a total surety bond reduction of approximately $58 million in aggregate.

作為協議的一部分，CEX 同意向該基金提供約 1,200 萬美元的初始注資，其中 200 萬美元已於 10 月支付，餘額應在關閉後的 90 天內支付，但須經 PA DEP 發行某些債券，這筆初始注資將全額資助 [22 個中的 12 個] 設施，並導致保證金減少約 580 萬美元。

This voluntary efforts puts a proactive legacy liability management approach into action and underscores our commitment to environmental stewardship.

這項自願努力將積極主動的遺留責任管理方法付諸行動，並強調了我們對環境管理的承諾。

Now let me provide a quick update on our outlook for 2024 on the pricing front. Given our strong performance at the PMC in three Q 2024 we are tightening the range and increasing the midpoint of our PMC average gold revenue per ton sold to an updated range of [$64.50 to $66] on the cost front due to the improved operational performance in three Q 2024 we lowered the top end of our PMC average cash cost of coal sold per ton guidance by $1 per ton to a range of 3,750 to 3,850.

現在，讓我簡要介紹一下我們對 2024 年定價的展望。鑑於我們在 2024 年第三季 PMC 的強勁表​​現，我們正在收緊範圍並將 PMC 每噸平均黃金收入的中點提高至更新後的 [64.50 美元至 66 美元] 範圍。

Additionally, we are moving up the bottom end of our PMC sales volume guidance range by half a million tons to an updated range of $25 to$26 million tons. Reflecting our strong two Q 2024 operational performance for our Ain Mining Complex. We are lowering our sales volume guidance range by 100,000 tons to a range of 600 to 800,000 tons due to the slower than anticipated operational ramp up at the complex.

此外，我們將 PMC 銷售量指導範圍的底線上調了 50 萬噸，至最新範圍 2500 萬至 2600 萬噸。反映了我們艾因採礦綜合體在 2024 年兩季的強勁營運表現。由於該綜合工廠的營運成長速度低於預期，我們將銷售量指導範圍下調 10 萬噸，至 6,000 至 80 萬噸。

We remain optimistic about our ability to achieve the full ramp up once the remaining section equipment arrives and we are encouraged by the commencement of retreat mining and the approval of the deep cut plan for multiple sections in the mine.

一旦剩餘部分設備到達，我們對實現全面提升的能力仍然持樂觀態度，並且我們對撤退採礦的開始和礦井多個部分深切計劃的批准感到鼓舞。

Lastly, on the capital expenditures front, we are maintaining our previous range with that.

最後，在資本支出方面，我們維持先前的範圍。

Let me turn it back to Jimmy.

讓我把它轉回給吉米。

Thank you, Mitesh Let me now provide an update on the proposed merger with Arts Resources. Both teams continue to work very hard toward achieving approval.

謝謝你，Mitesh，現在讓我提供一下與藝術資源擬議合併的最新情況。兩個團隊都將繼續努力爭取批准。

The waiting period under the Hart Scott Regino Act expired on October 11th and we also obtained final clearance of the proposed merger from Brazil, Poland and China with the last required approval received in October .satisfying all antitrust regulatory closing conditions for the transaction with respect to the SEC review. The form s four was filed on October 1st and Cana and Arts Resources are working toward obtaining shareholder approval for the proposed merger.

《哈特·斯科特·雷吉諾法案》規定的等待期於 10 月 11 日到期，我們還獲得了巴西、波蘭和中國對擬議合併的最終批准，其中最後一項所需批准於 10 月獲得，滿足了美國證券交易委員會審查中關於交易的所有反壟斷監管成交條件。第四份表格已於 10 月 1 日提交，Cana 和 Arts Resources 正在努力獲得股東對擬議合併的批准。

We still anticipate closing to occur by the end of Q1 2025 for the remainder of 2024 we will be focused on a few key areas that we believe will set us up for success. Moving forward.

我們仍然預計將在 2025 年第一季末完成交易，在 2024 年剩餘的時間裡，我們將專注於幾個我們認為將為我們成功奠定基礎的關鍵領域。繼續前進。

First and foremost, we are very excited about the proposed merger with Arts Resources and are looking forward to the potential formation of core natural resources. We believe these two companies would be stronger together and could achieve more as one entity than either could stand alone.

首先，我們對與藝術資源公司擬議的合併感到非常興奮，並期待核心自然資源的潛在形成。我們相信，兩家公司合併後會更加強大，作為一個整體可以取得比任何一家單獨行動時更大的成就。

Our major priorities are obtaining shareholder approval, developing a road map geared toward executing a timely transition and realizing full synergy value as quickly as possible. There is no doubt that a lot of coordination and effort will be acquired on both sides, but I have full confidence that these two teams can come together seamlessly and be ready to hit the ground running on day one.

我們的首要任務是獲得股東的批准、制定及時過渡的路線圖並儘快實現全部協同價值。毫無疑問，雙方需要大量的協調和努力，但我完全相信，這兩個團隊能夠無縫協作，準備在第一天就開始行動。

second, we will continue to focus on running our operations as safely and efficiently as possible. The operations ran very smoothly during the third quarter and we are set up to run well in the fourth quarter, given zero, longwall moves.

第二，我們將繼續致力於盡可能安全且有效率地開展業務。第三季的運作非常順利，鑑於長壁移動為零，我們已為第四季的良好營運做好了準備。

third, Despite a longwall move in the third quarter, we achieved a reduced cash cost of coal per ton compared to multiple prior quarters, we will continue to focus our efforts on managing our spending levels and reducing the impact of the inflationary pressures we faced over the past several years.

第三，儘管第三季度出現了長壁移動，但與前幾季相比，我們實現了每噸煤炭現金成本的降低，我們將繼續集中精力管理我們的支出水平，並減少過去幾年面臨的通膨壓力的影響。

Finally, we are prioritizing filling out our sales book in 2025 and beyond. We are taking a patient approach particularly in the export industrial market as low [petco] prices are contrasted against durable API two prices.

最後，我們優先考慮在 2025 年及以後完成我們的銷售目標。我們採取了耐心的態度，特別是在出口工業市場，因為低價 [petco] 與耐用品 API 2 價格形成鮮明對比。

However many believe pet coke prices are at or near the floor. The benefit of our product is that its ability to sell into many different end use markets which allows us to play the art. This year is a great example where our product is highly desired in the crossover met market. As of October 31st, our year-to-date 2024 crossover sales have already surpassed our highest annual sales tonnage level into that market in our history.

然而許多人認為石油焦價格已處於或接近底價。我們的產品的優勢在於它能夠銷售到許多不同的終端使用市場，這使我們能夠發揮藝術作用。今年就是一個很好的例子，我們的產品在跨界汽車市場非常受歡迎。截至 10 月 31 日，我們 2024 年迄今的跨界車銷售量已經超過了我們歷史上該市場的最高年度銷售噸位。

As I often do let me finish by recognizing our employees. This quarter was again a testament to their hard work and dedication. Despite the curveball thrown at us with the bridge collapse in the port of Baltimore, the team hit the ground running in the third quarter with strong operational performances on multiple fronts.

正如我經常做的那樣，最後我要對我們的員工表示認可。本季度再次證明了他們的辛勤工作和奉獻精神。儘管巴爾的摩港發生橋樑倒塌事件，給我們帶來了意外驚喜，但球隊在第三節迅速採取行動，在多個方面都表現出色。

The consol team in tandem with the arts resource team continues to work diligently to a successful and timely closing of the proposed merger and developing a smooth transition plan for core natural resources. I am very grateful for their hard work and extremely excited to formally combine two great teams in the coming months.

合併團隊與藝術資源團隊攜手繼續努力工作，成功及時完成擬議的合併，並為核心自然資源製定平穩的過渡計劃。我非常感謝他們的辛勤工作，並非常高興能在接下來的幾個月裡正式合併兩支偉大的團隊。

with that. I will hand the call back over tonight for final instructions.

就這樣。我將在今晚將電話轉回並接受最後的指示。

Thank you, Jimmy. We will now move to the Q&A session of our call at this time. I'd like to ask our operator to please provide the instructions to our callers.

謝謝你，吉米。我們現在將進入電話會議的問答環節。我想請我們的接線生為來電者提供說明。

Thank you. I would like to remind everyone if you would like to ask a question, please press star followed by the number one on your telephone keypad. If you're using a speaker phone, please make sure your mute function is turned off to allow your signal to reach our equipment.

謝謝。我想提醒大家，如果您想提問，請在電話鍵盤上按星號，然後按數字 1。如果您使用揚聲器電話，請確保靜音功能已關閉，以便您的訊號能夠到達我們的裝置。

Our first question comes from the line of Lucas Pipes from B Wiley Securities. Please go ahead.

我們的第一個問題來自 B Wiley Securities 的 Lucas Pipes。請繼續。

Thank you very much, operator. Good morning everyone. My first question is on the contract book for 2025 and apologies if I missed that. But could you provide a breakdown of the $18 million tons in terms of market exposure? And then also kind of average price as of today with the stand and then for the uncontracted tons. What what markets are you targeting? And then lastly, on the commercial side, could you speak a little bit to domestic contracting? How many years out are utilities looking for coal and what sort of prices are you able to lock in on that front? Thank you very much.

非常感謝，接線生。大家早安。我的第一個問題是關於 2025 年的合約書，如果我錯過了，請原諒。但您能否提供這 1,800 萬噸的市場風險明細？然後還有截至今日的平均價格，以及未簽約噸位的平均價格。您的目標市場是什麼？最後，從商業方面來說，您能談談國內承包嗎？公用事業公司需要多少年才能找到煤炭，在這方面您能鎖定什麼樣的價格？非常感謝。

Sure. It's Bob Lucas. Good morning. You know, as we mentioned, we're about $18 million tons contracted for 2025. That's an improvement about $3.5 million tons since the last quarter, about 900,000 tons of that was domestic contracts. I will tell you that we've been successful in securing, you know, prices. I'll tell you that are at or above what the published marks are out there today. I believe those marks are, you know, in the low to mid 50s. So we have been successful in concluding deals, you know, above those marks, the balance or $2.6 million tons was into the export market.

當然。我是鮑勃·盧卡斯。早安.你知道，正如我們所提到的，我們簽訂了 2025 年的合同，價值約 1800 萬噸。自上一季以來，這一數字增加了約 350 萬噸，其中約 90 萬噸是國內合約。我可以告訴你們，我們已經成功確保了價格。我會告訴你，這些分數等於或高於今天公佈的分數。我相信這些分數應該在 50 分左右。因此，我們成功地達成了交易，你知道，超過這些標準的剩餘部分，即 260 萬噸，都進入了出口市場。

I will tell you it's been a mixture of, some into India but mainly into the crossover market into China. This year, you know, China has been a bright spot for us. As Mitesh mentioned on the call, we'll probably move somewhere in the neighborhood of $2.5 to $3.5 million tons into China, all told this year. So we expect that to continue as well into next year. So right now for the breakdown of 25 we have $2.5 million tons linked to power indices, a 7.8 domestic all those would be under a fixed price arrangement and then 7.7 are into the export market of which $5.1 million are indexed.

我會告訴你，這是一種混合體，一些進入印度，但主要進入中國跨界市場。你知道，今年中國對我們來說是一個亮點。正如 Mitesh 在電話中提到的那樣，今年我們大概會將價值 250 萬至 350 萬美元的貨物運往中國。因此我們預計這種情況將持續到明年。因此，目前在 25 個細分市場中，我們有 250 萬美元的噸位與電力指數掛鉤，780 萬美元的國內產品全部採用固定價格安排，然後 770 萬美元進入出口市場，其中 510 萬美元被納入指數。

I will tell you they also have ceilings and floors on all those on ALL $5.1 million and sitting here today based on $115 API two price, what we're modeling in for next year. You know, we're looking at our average price at $18 million tons roughly in the low 60s in terms of the additional volume for next year to close out our book. We still see potential to sell more crossover coal, not only into Asia, but also into Brazil. [And then we're also] seeing you know, pet Coke prices come off the floor.

我會告訴你，他們對所有這些 510 萬美元都有上限和下限，今天基於 115 美元的 API 兩個價格，這是我們為明年建模的。您知道，就明年結帳的額外數量而言，我們預計平均價格為 1800 萬美元/噸，大約在 60 美元出頭。我們仍然看到了銷售更多跨界煤炭的潛力，不僅是銷往亞洲，而且還銷往巴西。 [然後我們也]看到寵物可樂的價格大幅下降。

Right now, we've seen as low as $50 fob golf prices where I think today they're closer to 5,354 and we're expecting those to continue to increase as, as you know, Diwali festivals and monsoon season subsides and construction activities resume into India. So balance of the volume left to sell, I'd say most of that will go into the export market. But we're also seeing some domestic opportunities as well. And when you ask about the domestic opportunities, you know, long term, we are seeing customers go out as far as 2028. We are in negotiations today for, for volumes.

目前，我們已經看到高爾夫球的離岸價低至 50 美元，而我認為今天的離岸價接近 5,354 美元，而且我們預計這些價格將繼續上漲，因為正如你所知，排燈節和季風季節逐漸消退，印度的建築活動也恢復了。因此，我認為剩餘待售量的大部分將進入出口市場。但我們也看到一些國內機會。當您問及國內機會時，您知道，從長遠來看，我們看到客戶的出路會延伸到 2028 年。我們今天正在就數量進行談判。

Bob. That was a very comprehensive answer. Thank you for all that detail. My second question is on, on the cost side, a number of your peers are noting cost this inflation surely some sales sensitive drivers behind that among operational changes. But could you speak to what you're seeing on on the cost side to what extent might, might you be able to participate in in some of this disinflation that, that we've witnessed this earnings season so far?

鮑伯。這是一個非常全面的答案。感謝您提供如此詳細的資訊。我的第二個問題是，在成本方面，您的許多同行都注意到了通貨膨脹，背後肯定有一些對銷售敏感的營運變化驅動因素。但是，您能否談談您在成本方面看到的情況，在多大程度上您可能能夠參與到我們迄今為止在本財報季見證的通貨緊縮現像中？

Well, I think, you know, when you look at cost, there's a lot of variables for us, we are starting to see some of the some deflation actually and some of the consumers that we used to mine with. But it's something that we keep a constant watch on and try to look for ways to improve it. Obviously, for us this quarter, a big part of our cost was the production tonnage that we mine, you know, that always helps lower. And then secondly, we continue to work on procurement powers as we can with all of our Suppliers.

嗯，我認為，你知道，當你考慮成本時，我們會發現有很多變量，我們實際上開始看到一些通貨緊縮，以及一些我們過去開採的消費者。但我們會持續關注此事並盡力尋找改進方法。顯然，對於我們本季來說，成本的很大一部分是我們開採的生產噸位，你知道，這總是有助於降低成本。其次，我們將繼續盡可能與所有供應商合作進行採購權力。

Okay. I really appreciate all the color Jimmy and team keep up the, keep up the great work. Thank you.

好的。我真的很感謝 Jimmy 和團隊繼續努力，繼續取得出色的工作。謝謝。

Thank you.

謝謝。

Our next question comes from the line of Nathan Martin from Benchmark Company. Please go ahead.

我們的下一個問題來自 Benchmark Company 的 Nathan Martin。請繼續。

Thanks, operator. Good morning, everyone.

謝謝，接線生。大家早安。

Good morning.

早安.

Maybe quickly to start on the insurance claim due to the key bridge collapse. You guys noted hoping to reach a final settlement there by the end of the year. Could we get some more thoughts on that? How much do you project, the ultimate settlement could be for.

或許很快就能開始因主要橋樑倒塌而提出的保險索賠。你們表示希望在今年底前達成最終解決方案。我們能對此有更多的想法嗎？您預計最終的解決方案是多少？

As you can imagine. Our team has been putting together a lot of information for our insurance companies and to present a claim we did submit a claim of about 60 plus million dollars for the business interruption associated with the Francis Scott Key Bridge collapse. I don't want to speculate on the final recovery and stuff like that we expect that number to hold. And we'll see where it goes from there.

正如你所想像的。我們的團隊一直在為我們的保險公司收集大量信息，為了提出索賠，我們確實針對弗朗西斯·斯科特礁橋倒塌造成的業務中斷提交了約 6000 多萬美元的索賠。我不想猜測最終的復甦情況以及諸如此類的東西，我們預計這個數字將會維持下去。我們將拭目以待接下來會發生什麼。

Okay, Mitesh. Thank you for that. Maybe shifting over to the remainder of this year. First of all, with the, the new price per ton guidance, what API two price does that assume? Now.

好的，米特什。謝謝你。或許會轉移到今年剩餘的時間。首先，新的每噸價格指導價假設 API 2 價格是多少？現在。

We're assuming $115 and to [be H1st, Nate, there's, the] sensitivity is very low. I'd say, you know, for every dollar you're looking at [3 to 4¢ ]across the entire portfolio. But, for Q4, we're assuming $115.

我們假設為 115 美元，並且 [be H1st，Nate，] 敏感度非常低。我想說，你知道，對於你整個投資組合中的每一美元，你都需要關注[3 到 4 美分]。但對於第四季度，我們假設為 115 美元。

Okay, Bob. Appreciate that. And then, you know, maybe just looking at year-to-date production, I think production kind of outpaced sales by about 600,000 tons or so if my math is correct. I'm assuming, you know, some of that is just a lag but you know, looking at the level so far, notwithstanding the fourth quarter does have some vacation periods and what would it take to kind of get you maybe towards the higher end of your full year guidance range? Is, is that feasible?

好的，鮑伯。非常感謝。然後，你知道，也許只看年初至今的產量，我認為如果我的計算正確的話，產量大約超過銷售量 60 萬噸左右。我假設其中一些只是滯後，但從目前的水平來看，儘管第四季度確實有一些假期，但是需要做些什麼才能讓你達到全年指導範圍的更高水平？那，那可行嗎？

Yeah, I mean, the, the, the inventory build as you know, we don't have really inventory on site. Most of that inventory was at the terminal or en route to the terminal. I I will say that our transportation partners have been doing a really good job for us in terms of getting our product moved to, to Baltimore, a lot of that inventory is, is already gone, sitting here today.

是的，我的意思是，正如你所知，我們現場實際上沒有庫存。大部分庫存位於終端或正在運送到終端的途中。我想說的是，我們的運輸合作夥伴在將我們的產品運往巴爾的摩方面做得非常出色，很多庫存已經運走了，就放在今天。

So it's simply just a timing of, of when vessels come and, and when trains arrive and again, if you look at what we did just in the third quarter alone console moved over $4.2 million tons into the export market. We expect to do probably that if not higher in Q4 as well. So, again, it's just a timing thing and I would expect that inventory to really reduce here in the fourth quarter.

所以這只是一個時間問題，船隻何時到達，火車何時到達，如果你看看我們僅在第三季度所做的事情，我們就向出口市場轉移了價值超過 420 萬噸的貨物。我們預計第四季度的業績也可能達到這個水平，甚至更高。所以，這只是一個時間問題，我預計庫存將在第四季真正減少。

And Nate on the production end of it, you know, as we said on the call, we don't have any longwall moves during the fourth quarter. However, we do have, you know, plans shut down for the holidays summit Thanksgiving and that week at Christmas. But you know, it depends same as always. It's, you know how the trains move and how well we can produce at the mine, but we don't see anything in our way in Q4. We'll see how that goes. You could always have unexpected geology, but we run to the market and run as, as as best. We can.

至於 Nate，就生產而言，正如我們在電話會議中所說的那樣，我們在第四季度沒有任何長壁移動。然而，您知道，我們確實因感恩節假期和聖誕節那一周的假期計劃而被擱置。但你知道，一切都取決於情況。你知道火車是如何運行的，也知道我們在礦井的生產能力有多強，但我們沒有看到第四季有任何阻礙。我們將看看事情進展如何。你總是會遇到意想不到的地質狀況，但我們會奔向市場，盡最大努力。我們可以。

Appreciate those thoughts guys. All very helpful. I think I'll just leave it there. Best of luck in the, in the fourth quarter.

感謝你們的想法。一切都非常有幫助。我想我就把它留在那裡了。祝你在第四季好運。

Thank you again. If you would like to ask the question, please press star. Then the number one on your telephone keypad.

再次感謝您。如果您想提問，請按星號。然後按下電話鍵盤上的數字 1。

Our next question comes from the line of Michael Dudas from vertical research. Please go ahead.

我們的下一個問題來自垂直研究的邁克爾杜達斯（Michael Dudas）。請繼續。

Morning, gentlemen.[]

早安，先生們。

A couple of things first. You know, terrific production numbers 23 maybe to remind us of, you know, what the capacity that the three operations and, you know, you know, assuming [Longwell Mos and how etcetera,] you know, when things are running really well and the market's really good. What can you, what's the capacity achievement or rate ability for the [EM ac ]complex as you move forward in the next couple of years.

首先說幾件事。你知道，出色的生產數字 23 或許可以提醒我們，你知道，這三個業務的產能是多少，你知道，假設 [Longwell Mos 等等]，你知道，當事情進展順利，市場狀況很好時。您能做什麼？ 在未來幾年內，[EM ac] 綜合體的容量成就或評級能力是什麼？

Yeah. Well, we use $26 million tons as our base. But when you're looking at capacity, if everything goes well as it did in Q3, $28.5 million is what we've publicly stated as capacity for the Pennsylvania Mining complex.

是的。嗯，我們以2600萬噸作為基準。但當你考慮產能時，如果一切進展順利，就像第三季那樣，2,850 萬美元就是我們公開宣布的賓州礦業綜合體的產能。

And Mike. If you look at 2018 and 2019, we have demonstrated we can produce over 27 million tons during those two years when the market was very supportive.

還有麥克。如果你看看 2018 年和 2019 年，我們已經證明，在市場非常支持的那兩年裡，我們可以生產超過 2700 萬噸。

Excellent, I appreciate that. Secondly, maybe for Bob, I know it's a little tough to decipher but maybe looking to your customers in India or in Asia, you know, separating out the weather issues and, and, and holidays and such. Do you get the sense at least of people thinking about later this year into next year, you know, pace of demand, economic activity. Are you anticipating a much stronger market? You know, assuming that price more normalized as you move forward as you're looking to, you know, get that mix set up for the rest of 2025.

非常好，我很感激。其次，也許對鮑伯來說，我知道這有點難以理解，但也許可以看看你在印度或亞洲的客戶，你知道，把天氣問題和假期等分開來。您是否感覺到人們至少在考慮今年稍後到明年的需求速度和經濟活動。您是否預期市場會變得更強勁？您知道，假設價格隨著您的前進而更加正常化，您知道，在 2025 年剩餘時間內建立這種組合。

We do, Mike and I'll tell you it's, it, there's certainly not a lack of demand. It's just right now, it, it's hard to come to terms on how to price the coal. You know, when you look at what we did a couple of years ago, we priced a lot of coal against API too, that mechanism doesn't work per for coal into India today. So the demand is there.

我們確實如此，麥克，我會告訴你，肯定不缺乏需求。只是現在，很難就煤炭的定價達成一致。您知道，當您回顧我們幾年前所做的事情時，我們也根據 API 對大量煤炭進行了定價，但這種機制對於今天運往印度的煤炭並不適用。因此，需求是存在的。

And I think it's going to remain, it's just the volatility in the markets is, what's causing us to kind of be patient right now in terms of, of locking in the balance of the volume. So I feel very confident in our ability to,again ship and, and sell our base, you know, production level of $26 million tons. It just, it might be more on a spot basis if we can't come to terms on how to price it.

我認為這種情況會持續下去，只是市場的波動導致我們現在必須保持耐心，以鎖定交易量的平衡。因此，我對我們的再次運送和銷售基礎產量（價值 2600 萬噸）的能力充滿信心。只是，如果我們不能就如何定價達成一致，那麼可能更多的是基於現貨。

Understood. Do you think API two pricing just feel generally pretty stagnant or kind of flat as it, you know, what, what could make it break one way or the other?

明白了。您是否認為 API 2 的定價總體上感覺相當停滯或有點持平，您知道，什麼可能導致它以這種或那種方式中斷？

I mean, I think winter weather certainly is going to be, be a determining factor there. I will also tell you that we've, we've contracted over 400,000 tons last quarter into Europe. So, it's, we're starting to see, certainly some, desire of inventories are low. I think there still is concern about natural or L&G supply into, into Europe as well. And, you know, I think if they do experience just a normal winter, you'll see a resurgence in demand and, and you'll see them come back to the market for us, coals.

我的意思是，我認為冬季天氣肯定會成為那裡的決定性因素。我還要告訴大家，上個季度我們已經簽訂了向歐洲出口超過 40 萬噸的合約。因此，我們開始看到，肯定有一些庫存需求較低。我認為人們仍然擔心歐洲的天然氣或液化石油氣供應。而且，你知道，我認為，如果他們真的經歷了一個正常的冬天，你會看到需求復甦，你會看到他們回到我們的煤炭市場。

And finally, you know, it's been an exciting or at least wondrous time for electricity generation expectations in the US and, with the numbers of [T A GM] put out a few months ago, the capacity a [etcetera], maybe sure. how your customers are kind of processing all this as they're moving over the next several years.

最後，您知道，對於美國的電力生產預期來說，這是一個令人興奮或至少是奇妙的時刻，而且根據幾個月前 [T A GM] 公佈的數據，發電容量 [等等] 可能是肯定的。您的客戶在接下來的幾年中將如何處理所有這些問題。

And it's just such a norm of demand for, for hyper scale A I and you know, 24 7 uninterruptible power and how that's, you know, that that could impact your customer base that you've been dealing with for, for decades and such and how that may firm up maybe into the future, maybe not.

對於超大規模人工智慧和 24/7 不間斷電源來說，這是一種需求常態，這可能會對您幾十年來一直在處理的客戶群產生影響，也可能會在未來變得穩固，也可能不會。

Yeah, I'll start Mike. So I think you hit on it. I mean, it's the demand for electricity growth continues to grow and people are seeing more and how they're going to get it is what's becoming questionable. So I think you've seen a lot of these coal fired utilities who have announced, you know, delaying their retirements and some are now not even given a date.

是的，我讓麥克先發。所以我認為你已經成功了。我的意思是，對電力的需求持續成長，人們看到的電力越來越多，而如何獲得電力則變得越來越值得懷疑。因此，我想你已經看到很多燃煤公用事業公司宣布推遲退役，有些甚至還沒有確定日期。

So there is a concern of where they're going to get it and I've seen some reports that where they think the reliability of the grid is kind of stable now. But keep in mind most of that reliability, if you look at the graph is coming from intermittent sources, primarily wind and solar. So I believe people are starting to get concerned about the reliability of the grid.

因此他們擔心從哪裡獲得電力，我看到一些報告說他們認為電網的可靠性現在比較穩定。但請記住，如果你看圖表的話，大部分的可靠性都來自間歇性能源，主要是風能和太陽能。因此我相信人們開始擔心電網的可靠性。

Hence, that's why we're seeing some of these contractual things that Bobby's been able to do extend out to, you know, year 2028. So as that demand continues to grow, and if it even grows at half the pace that everyone's expecting, then I think you'll see these coal fired plants run at least at a higher capacity and may even extend their retirements even further.

因此，這就是為什麼我們看到 Bobby 能夠履行的一些合約事項延長至 2028 年。因此，隨著需求持續成長，即使其成長速度只有大家預期的一半，那麼我認為你會看到這些燃煤電廠至少以更高的容量運行，甚至可能進一步延長其退役時間。

And, Mike just to put things in perspective, this is not just a long term thing, things are happening in a shorter term as well. There was an analysis by S&L if you look at 2025 to 2027 I think the amount of coal plants that we're supposed to retire when the analysis was done in late 2023 it was around 34 [gigawatt] and now that number stands at around 29 and change. So it's about 13% lower just between 25 and 27 forecast.

麥克，從整體來看，這不僅是一個長期的事情，短期內也會發生一些事情。S&L 曾經進行過一項分析，如果你看一下 2025 年至 2027 年，我認為我們應該淘汰的燃煤電廠數量在 2023 年底進行分析時約為 34 [千兆瓦]，而現在這個數字約為 29，並且還在變化。因此，預測值在 25 至 27 之間會下降約 13%。

[White King]. Thanks for your thought, [Sherman].

[白王]。謝謝你的想法，[謝爾曼]。

Thanks, bye.

謝謝，再見。

No question at this time, Mr Tucker. Please go ahead.

現在沒有問題，塔克先生。請繼續。

Thank you. We'd like to thank you all for your participation this morning and for your support of consol energy. We hope we answered your questions and we look forward to seeing you on our next call. Thank.

謝謝。我們感謝大家今天早上的參與以及對康索爾能源的支持。我們希望能夠解答您的問題，並期待在下次通話中見到您。感謝。

You. Thanks, everyone.

你。謝謝大家。

This concludes today's conference call. You may now disconnect. Thank you, everyone.

今天的電話會議到此結束。您現在可以斷開連線。謝謝大家。