CANONSBURG, Pa., Jan. 23,
2023 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CEIX),
a leading producer and exporter of high-Btu power-generating,
industrial and metallurgical coals, announced the promotion of
Mitesh B. Thakkar to the position of
President in addition to his current role as Chief Financial
Officer. This promotion is being made as part of the company's
long-term succession planning process.
"Today's announcement reflects the confidence that the board and
I have in Mitesh's leadership and his ability to play a broader and
more strategic role in the future growth of CONSOL. Since becoming
CONSOL's Chief Financial Officer in 2020, Mitesh has helped steer
the company through a very challenging period of COVID-related
shutdowns and significant deterioration of business outlook, while
capitalizing on the subsequent recovery. He orchestrated our plan
to de-lever our balance sheet by reducing our outstanding net debt
by 83% (including Q4 2022 reductions), played a key role in the
merger transaction with CONSOL Coal Resources LP and created
significant financial flexibility by opportunistically identifying
new sources of capital in a challenging industry." said
Jimmy Brock, Chief Executive Officer
of CONSOL Energy, Inc. "We expect 2023 to be a year of opportunity
for CONSOL, and I believe today's announcement will position us
well to take advantage of those opportunities while continuing to
execute on our capital allocation priorities", said Mr. Brock.
On January 19, 2023, the Board of
Directors of CONSOL Energy, Inc. unanimously approved the promotion
of Mr. Thakkar to the position of President in addition to his
current role as Chief Financial Officer. In addition to his current
responsibilities as the Chief Financial Officer, as President, Mr.
Thakkar will also be leading the teams responsible for Strategy and
Business Development, Environment and Sustainability, and Sales and
Marketing. Mr. Thakkar will continue to report to Mr. Brock in his
new role.
"I am very thankful to Jimmy and the board for giving me this
opportunity to play a broader role in this storied organization. I
am excited to continue to work alongside the very talented CONSOL
team as we continue to create significant value for all our
stakeholders," said Mr. Thakkar. "I share Jimmy's enthusiasm
regarding the significant opportunities that are in front of us
related to our shareholder return, growth, and sustainability
initiatives. We have made tangible progress on all three fronts in
2022, and 2023 has the potential to accelerate these initiatives.
To that extent, I am pleased to announce that CONSOL's board has
approved capex of approximately $28
million for 2023-2026, including $9.5
million in 2023, to advance our sustainability goals by
mitigating methane emissions from our mines. This investment will
help us achieve our goal of voluntarily reducing our scope 1 &
2 greenhouse gas emissions by 50% in 2026 compared to 2019 base
levels. We also expect to realize meaningful growth in 2023 as our
recent investments in the Itmann metallurgical coal mine and the
5th longwall at the Pennsylvania Mining Complex begin to
bear fruit. We believe this will only expand our capability to
return value to our shareholders and invest in sustainable
opportunities for our future."
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and
exporter of high-Btu bituminous thermal coal and metallurgical
coal. It owns and operates some of the most productive longwall
mining operations in the Northern Appalachian Basin. CONSOL's
flagship operation is the Pennsylvania Mining Complex, which has
the capacity to produce approximately 28.5 million tons of coal per
year and is comprised of 3 large-scale underground mines: Bailey
Mine, Enlow Fork Mine, and Harvey Mine. CONSOL also developed the
Itmann Mine in the Central Appalachian Basin, which is expected,
when fully operational, to produce roughly 900 thousand tons per
annum of premium, low-vol metallurgical coking coal. The company
also owns and operates the CONSOL Marine Terminal, which is located
in the port of Baltimore and has a
throughput capacity of approximately 15 million tons per year. In
addition to the ~612 million reserve tons associated with the
Pennsylvania Mining Complex and the ~21 million reserve tons
associated with the Itmann Mine, the company also controls
approximately 1.4 billion tons of greenfield thermal and
metallurgical coal reserves and resources located in the major
coal-producing basins of the eastern United States. Additional information
regarding CONSOL Energy may be found at www.consolenergy.com.
Contacts:
Investor:
Nathan Tucker, (724)
416-8336
nathantucker@consolenergy.com
Media:
Erica Fisher, (724)
416-8292
ericafisher@consolenergy.com
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SOURCE CONSOL Energy Inc.