That did not sit well on Wall Street, where shares of Consol fell 1.4 percent to $37.60 in morning trading.
Consol primarily sells thermal coal, which is used to generate electricity, but also sells a small portion of higher-margin metallurgical coal, which is used to make steel.
With the U.S. shale gas revolution cutting the price of natural gas, U.S. power plants have been burning less coal, sharply denting demand and thermal coal prices. Meanwhile, a glut of steel in China and other fast-growing regions has eroded demand for metallurgical coal.
The threat of U.S. regulation has also discouraged coal generation.
The Obama administration last month announced regulations setting strict limits on the amount of carbon pollution that can be generated by any new U.S. power plant. The guidelines, which the coal industry has vowed to fight, would make it nearly impossible to build coal plants without using carbon emission-capturing technology that foes say is unproven and uneconomical.
NATURAL GAS POTENTIAL
Consol said the sale of the mines would give it time and cash to expand its natural gas production.
For 2014, the company expects to produce 210 billion to 225 billion cubic feet of natural gas. On Monday, Consol said it expected production to increase 30 percent each year.
"We have the assets if we want to take that number higher," said Khani, the CFO.
Stifel and Bank of America Corp advised Consol.
Goldman Sachs and Deutsche Bank are providing financing for Murray, which was one of 28 bidders for the mine assets.
Consol plans to release quarterly results on Tuesday.
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