Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Consol Kicks Asset Sales Program into 'High Gear'

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Consol Kicks Asset Sales Program into 'High Gear'

Article excerpt

Consol Energy Inc. narrowed its loss during the first quarter this year to $39 million, or 17 cents per share. Last year, the Cecil-based company recorded a loss of $97.6 million, or 43 cents per share for the same three-month period.

The loss was mainly attributed to an impairment charge from selling subsidiaries Knox Energy LLC and Coalfield Pipeline Company. When Consol agreed to sell the two companies in February, it had to calculate if their fair value minus transaction costs was more or less than the value that was on Consol's books. That resulted in a $143 million impairment charge. All told, Consol made $500,000 from the sale.

It was one of several divestitures during the past three months. Three oil and gas property sales yielded $108 million, although not all of it was recorded during the past quarter. …

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