You're watching...
Consol Energy CEO J. Brett Harvey on the impact of the government’s debt crisis on businesses.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- volatility doesn't exist inside the beltway alone of course consul energy released a mixed earnings report today.
But they said was hurt by natural gas prices which have been awfully cheap have fallen that shares.
Are squeezing into the great right now joining us now on the Fox Business -- from -- -- Pennsylvania.
Is.
CEO.
Of console energy good to see mr.
Harvey thank you for joining us on Fox Business.
I live it's good to be with you you know I could get into your balance sheet and -- all this stuff that anybody could find on the Internet I am more interested in knowing from a business person's perspective how closely you are watching what's going on.
Right now in Washington DC of what you kind of wish would happen.
Well I think government should create a world where -- commerce can thrive.
And not be in a position where commerce is being threatened.
And then when you have debates like this everybody's nervous.
It affects the bottom line it affects employment.
It affects.
Confidence in government.
We've got a problem and we expect those people solve it.
You know this was a letter that came out.
It lets us signed by about 470 business leaders consul energy cited as well in essence saying guys let's get something done here but.
Let's assume for the moment that it takes a lot longer to get some type of deal done.
Is there any way to console energy is preparing for this we've heard about some businesses halting hiring for the moment or making sure their balance sheet to short up with enough cash what are you guys doing.
Well I think call all year long -- Through the recession that we saw -- last couple of years weep for valor prepared our balance sheet.
To be ready for -- -- We do feel somewhat threatened by the politics of of the government at this point in time and so we're not hired any more than we have to but we do have to.
Hire enough people to keep the lights on so to speak to fuel the economy so.
What we're -- balance right now we probably you we're not gonna be aggressive got it but we do our jobs well.
That you do -- certainly keep the lights on for two thirds of the nation you generate the energy supply for two thirds of this country while your natural gas division revenues came down about 49% do very much in part to something you can't control that's that's vary from -- -- Tea -- natural gas prices your cold division revenues up 88%.
Tell me how that works at a time when this nation and utility seem to be moving more.
Sort of away from the dirty your coal burning plants and -- of the natural gas fired turbines.
Well we're choosing fuels of which we have an abundance of both coal and natural gas and but the world is choosing coal because it's so low cost.
It's -- it's using coal for steel.
And it's -- choosing coal for electricity.
So the growth worldwide especially in Asia is driving the value of coal.
Where were debating what -- we're gonna use.
The world is after coal because it's low cost.
And valuable to building a -- -- get a Adam Shapiro and I always talk in the -- Citi -- -- Google China and bubble.
A lot of things come up right now there is concerned that there would be a slowdown in the government itself over there is worried they've tightened interest rates and they're concerned that.
Might get a little too heated there how would that affect your business.
Well I think I think -- slow down from 9% to 6%.
There's a slowdown but is still triple the growth of of what we're doing so.
We're not so concerned about.
Just China but we think India's growing we think.
Japan's rebounding with more -- Korea's there so it's not just China it's all of Asia that we look at.
And China just one piece although the biggest piece.
Mr.
Harvey thank you for joining us and it's a busy time for everybody but you have commerce and business to contracted while watching do it thank you so much yeah.
Thank you.
CEO consul energy you know earnings.
