CONSOL Energy (CNX) Announces Share Buyback Plan Of Up To $500 Million
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The CONSOL Energy Inc. (NYSE: CNX) Board of Directors, at its regularly scheduled meeting, has authorized a share repurchase program of up to $500 million of the company's common stock during a 24 month period beginning September 9, 2008. The repurchases will be made from time to time, and will be based on a number of factors, including: the company's financial outlook; business conditions, including cash flows and internal capital requirements; as well as alternative investment options.
CONSOL Energy Inc., a high-Btu bituminous coal and coal bed methane company, is a member of the Standard & Poor's 500 Equity Index and has annual revenues of $3.8 billion. It has 17 bituminous coal mining complexes in six states and reports proven and probable coal reserves of 4.5 billion tons.
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