CONSOL Energy Inc. officials are continuing to evaluate their "overall corporate structure" in a process that could include potential sales of parts of the Pittsburgh-based coal giant's holdings, the company has confirmed.
On Friday, CONSOL issued a statement in response to what it called "market rumors or speculation" about a company-wide review that CEO Brett Harvey announced months ago in routine, quarterly financial reports.
"As we have stated previously, we believe the financial markets are not recognizing the full value of our world-class assets," CONSOL said in Friday's statement. "The evaluation process regarding our corporate structure continues and all options are being considered."
CONSOL is one of West Virginia's largest coal companies. In 2012 it produced nearly 33 million tons of coal and employed 3,800 state residents among its nearly 9,000 employees.
Top CONSOL officials have been saying for many months that the company was looking to "monetize" holdings, especially some of its "non-core assets."
In its 2nd quarter 2013 financial report, released in late July, CONSOL said it had "stepped up its asset sale process" and put in place a process to evaluate all of its holdings for potential sales or restructuring.
"Investment bankers have been engaged, data rooms have been established, and in two cases, the process is proceeding to a second round of bidding," the company said in a press release at the time.
During a July 25 conference call with industry analysts, Harvey partly explained CONSOL's strategy by noting that its greatly increased its natural gas operations, after for years being considered mostly a coal producer.