C. Kim Goodwin Consoldiated Energy Inc CNX-N TOP PICK Aug 20, 2004

Benefits from higher coal prices. Many of these coal contracts are going to have to be renegotiated at higher prices.

Cash flow per ton margin is currently about $6 per ton. Last year they were $3. Thinks the ultimate margin will be $12/15. Best position and assets.

Possible coal miners strike in the US Midwest. Could affect output drastically. Long-term, the coal question has all to do with the environment and there is every incentive to find a solution to the emissions problem. Bullish on coal.