CONSOL ENERGY INC. Canonsburg, PA (June 24, 2014) - CONSOL Energy Inc. (NYSE: CNX), along with Pennsylvania Governor Tom Corbett and other special guests, celebrated the company's 150th anniversary and hosted a dedication ceremony at CONSOL Energy's Bailey Mine Expansion (BMX). The BMX mine has been renamed the Harvey Mine in recognition of the leadership of J. Brett Harvey, who was recently elected executive chairman of CONSOL Energy's board of directors after sixteen years with the company as president, chief executive officer and chairman of the board.
"Brett's vision and strong leadership over the course of the past sixteen years have positioned CONSOL for the next 150 years," commented Nick DeIuliis, CONSOL Energy president and chief executive officer. "He navigated the company through significant challenges he inherited when he arrived in the late 1990s, and made CONSOL the premier energy company that it is today. Brett's legacy will be defined, not only for the way he deftly guided CONSOL through one of the most significant chapters in our long history, but for the example he set and importance he placed on our core value of safety above all else."
Mr. DeIuliis continued, "Today, Brett Harvey joins Ralph Bailey as the greatest leaders this company has ever known. Our company, and the entire industry, are better off today because of Brett's unwavering commitment to the safety of the men and women who work underground every day to provide society with the comforts we all enjoy."
The Harvey Mine, which officially began production in March 2014, is the third coal mine and contains the fifth longwall system at the Bailey Complex - the largest underground coal complex in North America. The 5 million ton annual production capacity at the Harvey Mine brings total annual production capacity at the complex to nearly 30 million tons. Approximately 2,500 employees support work at CONSOL Energy's Pennsylvania Coal Operations, with 400 new jobs directly tied to the Harvey Mine.
Pennsylvania Governor Tom Corbett commented, "In the 150 years of its existence, CONSOL Energy has become a Pennsylvania institution and model for how a company can create progress and prosperity for working families, energy customers and communities all across our great commonwealth. Brett Harvey is the embodiment of the company CONSOL Energy has become, and dedicating this mine in his name is a fitting tribute as CONSOL looks toward a very bright future and another 150 years of success in the commonwealth."
With over $700 million of investment dedicated to the Harvey Mine alone, in sum CONSOL has invested approximately $2 billion to re-capitalize its Pennsylvania Coal Operations over the last seven years, and has positioned the complex to compete for decades to come. With its best-in-class natural gas and coal assets, underscored by the Harvey Mine, the company is primed for continued growth and success in the region and beyond.
CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based producer of natural gas and coal. The company is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CONSOL Energy deploys an organic growth strategy focused on rapidly developing its resource base of 5.7 trillion cubic feet of proved natural gas reserves, while the company's premium coal assets are sold to electricity generators and steelmakers both domestically and internationally . CONSOL Energy is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. Additional information may be found at www.consolenergy.com.
Forward-Looking Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Exchange Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, if any, speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the factors discussed in the 2013 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
Contacts:
Media: Kate O'Donovan, at (724) 485-3097
Brian Aiello, at (724) 485-3078
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