PITTSBURGH, Jan. 29, 2016 /PRNewswire/ -- CONSOL Energy
Inc. (NYSE: CNX) reported net income attributable to CONSOL Energy
shareholders of $30 million for the
quarter, or $0.13 per diluted share.
This is compared to net income attributable to CONSOL Energy
shareholders of $74 million, or
$0.32 per diluted share from the
year-earlier quarter. Earnings before deducting net interest
expense (interest expense less interest income), income taxes and
depreciation, depletion and amortization (EBITDA), attributable to
CONSOL Energy shareholders was $363
million for the 2015 fourth quarter, compared to
$299 million in the year-earlier
quarter.
After adjusting for certain unusual items, which are listed in
the EBITDA reconciliation table, the company had an adjusted net
loss1 in the 2015 fourth quarter of $26 million, or ($0.11) per share. Adjusted EBITDA1
attributable to CONSOL Energy shareholders was $206 million for the 2015 fourth quarter,
compared to $273 million in the
year-earlier quarter. Cash flow from operations in the just-ended
quarter was $102 million, compared to
$87 million in the year-earlier
quarter.
The fourth quarter earnings results included the following
pre-tax items related to recent transactions:
- Recorded a $109.9 million benefit
related to changes in the retiree medical (OPEB) plan;
- Recorded a $62.4 million
unrealized gain on commodity derivative instruments;
- Recorded $15.9 million in pension
settlement expense;
- Recorded $6.3 million expense
related to the settlement of working capital adjustments and other
matters in conjunction with the prior sale of CONSOL's industrial
supply subsidiary, which closed during the fourth quarter of 2014;
and
- Recorded a $7.6 million gain on
the sale of non-core assets.
"CONSOL continues to control the controllables in a commodity
price and energy environment that is unprecedented," commented
Nicholas J. DeIuliis, president and
CEO. "Specifically, CONSOL continues to adapt to the challenging
commodity environment by further driving down costs, illustrated by
the E&P Division reducing total unit cash costs by over 25%
year-over-year. For the Coal Division, Pennsylvania Operations (PA)
set new levels of cost performance, and the Buchanan Mine, again,
posted impressive total unit costs. In addition to the substantial
cost performance, recently, we announced that we are exerting
production discipline on both the E&P and Coal sides of our
business. For E&P, specifically, we reduced our 2016 capital
budget by an additional $185 million,
while scaling back production growth to approximately 15%, over
2015 volumes. For the Coal Division, we have also optimized
production schedules to better align with customers' delivery
schedules to help manage high inventory levels, due to the lack of
demand from a mild start to the winter. The company also continues
to position itself to capitalize on what we believe to be an
industry leading dry Utica acreage
position and initial well results, as demonstrated by showcasing
three of the top ten dry Utica
wells across the industry, to-date."
1 The terms "adjusted net loss" and "adjusted EBITDA"
are non-GAAP financial measures, which are defined and reconciled
to GAAP net income below, under the caption "Non-GAAP Financial
Measures."
During the fourth quarter of 2015, CONSOL's E&P Division
achieved record production of 95.5 Bcfe, or an increase of 35% from
the 70.5 Bcfe produced in the year-earlier quarter. As a result,
during the quarter, average daily production eclipsed 1 Bcfe per
day. The E&P Division's total unit cash costs declined during
the quarter to $1.40 per Mcfe,
compared to $1.91 per Mcfe during the
year-earlier quarter. CONSOL's total 2015 production was 328.7
Bcfe, which is in-line with previously stated production guidance
of 325-330 Bcfe. For 2016, CONSOL recently lowered its production
growth guidance from 20% down to approximately 15%, compared to
2015 production volumes.
Marcellus Shale production volumes in the 2015 fourth quarter
were 48.5 Bcfe, or 33% higher than the 36.5 Bcfe produced in the
2014 fourth quarter. Marcellus Shale total unit cash costs were
$1.54 per Mcfe in the just-ended
quarter, which is a $0.17 per Mcfe
improvement from the fourth quarter of 2014 costs of $1.71 per Mcfe.
CONSOL Energy's Utica Shale production volumes in the 2015
fourth quarter were 20.7 Bcfe, up substantially from 7.1 Bcfe in
the year-earlier quarter. Utica Shale total unit cash costs were
$0.85 per Mcfe in the just-ended
quarter, which is a $0.41 per Mcfe
improvement from the fourth quarter of 2014 total unit cash costs
of $1.26 per Mcfe. The significant
cost improvements across the Utica Shale were primarily driven by
reductions to lease operating expenses.
In January 2016, CONSOL Energy
completed its second successful test of the dry Utica/Point
Pleasant formation on the company's acreage located in
Greene County, Pennsylvania.
CONSOL's GH 9 well had an initial 24-hour flow test of 61.9 MMcf
per day at an average flowing casing pressure of 8,312 psi. CONSOL
has a 100% working interest and 96% net revenue interest (NRI) in
the well, which was completed with a 6,141 foot lateral and 30 frac
stages.
For 2016, CONSOL Energy recently revised its E&P Division
capital budget to approximately $205-$325
million, which is $185 million
lower than the previous guidance of $400-$500 million, based on the midpoints. The
lower end of the capital budget range supports CONSOL Energy's
base-case development plan, which excludes any drilling activity in
2016, but instead focuses on completing approximately 31 wells that
are already drilled, plus turning in line an additional 36 wells.
As a result, CONSOL expects to turn-in-line (TIL) approximately 67
wells in 2016. These 67 new well additions, along with midstream
debottlenecking initiatives, will drive the E&P Division's 2016
production guidance of approximately 15%, compared to 2015
production volumes.
CONSOL's Coal Division sold 6.6 million tons in the 2015 fourth
quarter, compared to 8.1 million tons during the year-earlier
quarter. Northern Appalachian thermal, as well as metallurgical
coal, prices continued to decline throughout the quarter. The
Pennsylvania Operations average sales price per ton decreased
during the quarter to $52.57 per ton,
compared to $60.10 per ton from the
year-earlier quarter. Northern Appalachian thermal coal prices saw
continued declines due to consistently low regional natural gas
prices and higher-than-normal coal inventory levels. In the
Virginia Operations, the company's Buchanan Mine also continued to
see further declines of metallurgical coal prices. The Virginia
Operations average sales price decreased during the quarter to
$48.41 per ton, compared to
$68.58 per ton from the year-earlier
quarter. CONSOL has partially offset the continued degradation to
commodity pricing through lower unit costs.
As a result of rising interest rates and plan changes throughout
2015, CONSOL Energy reduced balance sheet legacy liabilities by
approximately $152 million at
December 31, 2015, compared to
year-end 2014.
The benefit related to changes in CONSOL Energy's retiree
medical (OPEB) plan resulted from recent plan amendments. Due to
CONSOL actively managing the OPEB liability, these amendments
resulted in lower operating and other coal costs in the third and
fourth quarters of 2015. Beyond year-end 2015, CONSOL will benefit,
indefinitely, through lower cash payments related to these
liabilities by $15-$20 million per
year.
The unrealized gain on commodity derivative instruments
represents changes in fair value of all existing gas commodity
hedges on a mark-to-market basis.
The pension settlement expense occurs when the lump sum
distributions made for a given plan year exceed the total of the
service and interest costs for that same plan year. The pension
settlement of $15.9 million is at the
lower end of the previously stated guidance range of $15-$20 million, which the company expected in
the fourth quarter of 2015.
The expense associated with the settlement of working capital
adjustments and other matters relates to the prior sale of CONSOL's
industrial supply subsidiary, which closed during the fourth
quarter of 2014.
The company recorded a gain on the sale of non-core assets
during the quarter, related to the previously announced sale of
lignite reserves in South Texas to
a private entity.
E&P Division:
E&P Division Fourth Quarter Summary:
Production increased by over 35% in the just-ended quarter, when
compared to the year-earlier quarter. Despite increased production,
total quarterly outside sales revenue decreased by $10.1 million for the same period due to
depressed commodity prices. Despite a reduction in sales revenue,
the E&P Division realized net income of $57.1 million in the fourth quarter of
2015, compared to $36.5 million in
the year-earlier quarter.
During the fourth quarter of 2015, the E&P Division's total
unit costs, including depreciation, depletion, and amortization
(DD&A), declined to $2.45 per
Mcfe, compared to $3.19 per Mcfe
during the year-earlier quarter. Full year 2015 E&P Division
total unit costs were $2.73 per Mcfe,
including DD&A, or an improvement of $0.58 per Mcfe, compared to $3.31 per Mcfe in the prior year. For the E&P
Division, full year 2015 total unit costs were slightly below the
low-end of the previously stated guidance range of $2.74-$2.84 per Mcfe.
As expected, E&P Division capital declined significantly in
the fourth quarter to $83.4 million
due to the company laying down all operated rigs late in the third
quarter of 2015.
Dry Utica Shale Wells Update:
GH 9 (Greene County,
Pennsylvania):
CONSOL Energy completed its second successful test of the dry
Utica/Point Pleasant formation on the company's
acreage in Pennsylvania. CONSOL's
GH 9 well located in Greene County,
Pennsylvania, had an initial 24-hour flow test of 61.9 MMcf
per day at an average flowing casing pressure of 8,312 psi. CONSOL
has a 100% working interest and 96% NRI in the well, which was
completed with a 6,141 foot lateral and 30 frac stages.
Gaut 4I (Westmoreland County,
Pennsylvania):
In the third quarter of 2015, CONSOL Energy announced its first dry
Utica test well, the Gaut 4I, in
Westmoreland County, Pennsylvania,
which had an initial 24-hour flow test to sales of 61.4 MMcf per
day at an average flowing casing pressure of 7,968 psi. CONSOL has
a 100% working interest and 87.5% NRI in the well, which was
completed with a 5,800 foot lateral and 30 frac stages. The company
subsequently conducted flow tests to ascertain the deliverability
of the reservoir and well drainage, which have provided critical
information on pressure draw-down management and inter-lateral
spacing for future Utica Shale development. Following the flow
tests, the Gaut 4I well produced for approximately one month at an
average rate of approximately 19 MMcf per day, with limited
pressure draw-down of 20-25 psi per day. To-date the well has
produced 1.26 Bcf in 60 days of operations, while average flowing
casing pressure is approximately 8,100 psi. CONSOL Energy expects
to manage casing pressure draw-down over time, until reaching line
pressure of approximately 800-1,000 psi. During this extended
draw-down phase, CONSOL expects production volumes to be relatively
flat for 9-12 months after which it will enter its hyperbolic
decline phase.
Switz 6 (Monroe County,
Ohio):
CONSOL Energy brought online the Switz 6D well in October 2015 on its 4-well dry Utica pad, located in Monroe County, Ohio, at an initial production
rate of 44.7 MMcf per day with average flowing casing pressure of
6,835 psi. To-date, the Switz 6D well has been online for 30 days
and has cumulatively produced approximately 488 MMcf. As of
January 18, 2016, the Switz 6D well
was producing at 19.6 MMcf per day with average flowing casing
pressure of 7,150 psi.
Also during the fourth quarter, CONSOL completed and
turned-in-line the three remaining dry Utica wells on the Switz 6 pad: the Switz 6F,
6H, and 6B wells. The Switz 6F and 6H wells had initial production
rates of 23.7 MMcf per day and 25.2 MMcf per day with average
casing pressure of 6,752 psi and 6,480 psi, respectively. These two
wells were drilled and completed in the Utica formation with lateral lengths of 10,127
feet and 9,035 feet, respectively. As of January 18, 2016, the Switz 6F was producing at
approximately 20.0 MMcf per day with flowing casing pressure of
7,113 psi, and the Switz 6H was producing at approximately 18.2
MMcf per day with flowing casing pressure of 6,900 psi. Both the
Switz 6F and 6H are on a managed production plan. The Switz 6B well
had an average initial production rate of 15.2 MMcf per day at an
average flowing casing pressure of 5,532 psi. The Switz 6B was
drilled and completed with a 6,145 foot lateral.
The Switz pad wells were completed with varying stimulation
techniques and materials such as sand, ceramic, resin, and resin
tailed-in proppant. The estimated cost savings of utilizing 100%
sand proppant versus 100% ceramic proppant in the stimulation
process is approximately $2.5 million
per well. The company will evaluate the data collected to-date, as
well as future production results, to determine the optimal
completion methodology in the Ohio Dry Utica, while weighing
initial production versus completion costs.
"The company continues to rapidly implement lessons learned from
drilling and completing dry Utica Shale wells, as illustrated by
reducing drilling costs per foot by nearly 50% from the first to
the last well drilled in Monroe County,
Ohio," commented Timothy C.
Dugan, COO-E&P Division. "Based on initial data from the
first set of operated and non-operated wells, CONSOL believes it
can further reduce drilling and completion costs at or below the
$10 million targeted goal, assuming a
7,000 foot lateral. For the Switz 6 pad, CONSOL has a 100% working
interest and an average NRI of 80%."
MND 6H -Non-operated (Marshall County,
West Virginia):
In the fourth quarter of 2015, the MND 6H dry Utica Shale well was
brought on-line and production reached 60 MMcf per day during
flowback operations. This well was drilled on a joint venture
Marcellus pad. The MND 6H well, located in the Moundsville area, is part of the prior sale of
approximately 3,000 acres to Noble Energy, which CONSOL executed in
2014. CONSOL believes that the 9,345 foot lateral is the
longest Utica lateral drilled in
West Virginia to-date. CONSOL
has a 50% working interest in the well with a 49%
NRI. Currently, the well is producing 20 MMcf per day with
managed pressure draw-down of approximately 15-20 psi per
day. CONSOL believes production from this well will remain
flat for an extended period.
E&P DIVISION
RESULTS -- Quarter-to-Quarter Comparison
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Quarter
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Quarter
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Quarter
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Ended
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Ended
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Ended
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December 31,
2015
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December 31,
2014
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September
30, 2015
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Sales -
Gas
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$
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152.9
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$
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204.9
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$
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137.7
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Gain on Commodity
Derivative Instruments - Cash Settlement
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79.5
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24.2
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44.5
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Sales -
Oil
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0.6
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2.3
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1.7
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Sales -
NGLs
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23.2
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30.0
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7.6
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Sales -
Condensate
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8.9
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13.8
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10.8
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Total Sales Revenue
($ MM)
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$
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265.1
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$
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275.2
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$
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202.3
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Net Income
Attributable to CONSOL Energy Shareholders
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$
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57.1
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$
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36.5
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$
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30.3
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Net Cash Provided by
Operating Activities ($ MM)
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$
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95.2
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$
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55.7
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$
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54.0
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Total Period
Production (Bcfe)
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95.5
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70.5
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86.1
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Average Daily
Production (MMcfe)
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1,037.8
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766.6
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935.6
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Capital Expenditures
($ MM)
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$
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83.4
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$
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251.6
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$
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209.6
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CONSOL's E&P division production in the quarter came from
the following categories:
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Quarter
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Quarter
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Quarter
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Ended
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Ended
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Ended
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December 31,
2015
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December 31,
2014
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% Increase/
(Decrease)
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September 30,
2015
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% Increase/
(Decrease)
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GAS
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Marcellus Sales
Volumes (Bcf)
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42.5
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31.1
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36.7
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%
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38.1
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11.5
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%
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Utica Sales Volumes
(Bcf)
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14.8
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4.1
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261.0
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%
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10.2
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45.1
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%
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CBM Sales Volumes
(Bcf)
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18.7
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20.0
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(6.5)
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%
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18.5
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1.1
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%
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Other Sales Volumes
(Bcf)1
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7.5
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6.8
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10.3
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%
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7.2
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4.2
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%
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LIQUIDS2
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NGLs Sales Volumes
(Bcfe)
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9.8
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6.7
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46.3
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%
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9.6
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2.1
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%
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Oil Sales Volumes
(Bcfe)
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0.1
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0.2
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(50.0)
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%
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0.2
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(50.0)
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%
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Condensate Sales
Volumes (Bcfe)
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2.1
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1.6
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31.3
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%
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2.3
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(8.7)
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%
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TOTAL
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95.5
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70.5
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35.5
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%
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86.1
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10.9
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%
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Note: The increase in Marcellus sales volumes represents only
the gas portion of production. When including liquids, the increase
in Marcellus volumes was 33% compared to the year-earlier quarter.
Production results are net of royalties.
1. Other Sales
Volumes: primarily related to shallow oil and gas production, as
well as Upper Devonian Shale in Pennsylvania and West Virginia.
2. Liquids: NGLs,
Oil, and Condensate are converted to Mcfe at the rate of one barrel
equals six Mcf based upon the approximate relative energy content
of oil and natural gas.
Liquids production of 12.0 Bcfe, as a percentage of the total of
95.5 Bcfe, was approximately 13% in the just-ended quarter. As a
result of continuing to high-grade production away from wet areas
and shift more towards dry gas areas, liquids production decreased
by 0.1 Bcfe, or approximately 1% during the quarter, compared to
the third quarter of 2015.
E&P PRICE AND
COST DATA PER MCFE -- Quarter-to-Quarter
Comparison:
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Quarter
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Quarter
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Quarter
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Ended
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Ended
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Ended
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(Per Mcfe)
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December 31,
2015
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December 31,
2014
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September 30,
2015
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Average Sales Price -
Gas
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$
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1.83
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$
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3.31
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$
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1.86
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Average Gain on
Commodity Derivative Instruments - Cash Settlement- Gas
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$
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0.95
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$
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0.39
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$
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0.60
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Average Sales Price -
Oil*
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$
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6.51
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$
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13.47
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$
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9.03
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Average Sales Price -
NGLs*
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$
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2.36
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$
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4.50
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$
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0.80
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Average Sales Price -
Condensate*
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$
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4.23
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$
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8.08
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$
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4.64
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Average Sales Price -
Total Company
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$
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2.78
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$
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3.90
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$
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2.35
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Costs -
Production
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Lifting
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$
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0.24
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$
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0.43
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$
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0.28
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Ad Valorem, Severance
and Other Taxes
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0.06
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0.15
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0.10
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DD&A
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0.97
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1.16
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0.96
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Total Production
Costs
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$
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1.27
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$
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1.74
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$
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1.34
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Costs -
Gathering
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Transportation
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$
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0.77
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$
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0.70
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$
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0.79
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Operating
Costs
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0.25
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0.41
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0.29
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DD&A
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0.08
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|
|
0.12
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|
|
0.09
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|
Total Gathering
Costs
|
|
$
|
1.10
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$
|
1.23
|
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$
|
1.17
|
|
|
|
|
|
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|
|
Gas Direct
Administrative Selling & Other
|
|
$
|
0.08
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|
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$
|
0.22
|
|
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$
|
0.12
|
|
|
|
|
|
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|
|
Total
Costs
|
|
$
|
2.45
|
|
|
$
|
3.19
|
|
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$
|
2.63
|
|
|
|
|
|
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|
|
Margin
|
|
$
|
0.33
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$
|
0.71
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$
|
(0.28)
|
|
*Oil, NGLs, and Condensate are converted to Mcfe at the rate
of one barrel equals six Mcf based upon the approximate relative
energy content of oil and natural gas, which is not indicative of
the relationship of oil, NGLs, condensate, and natural gas
prices.
Note: Costs-the line item "Gas Direct
Administrative, Selling, & Other" excludes general
administration, incentive compensation, and other corporate
expenses.
The average sales price per Mcfe within the E&P Division was
impaired in the just-ended quarter, when compared to the
year-earlier quarter due in part to the depressed commodity
prices.
The average sales price of $2.78
per Mcfe, when combined with unit costs of $2.45 per Mcfe, resulted in a margin of
$0.33 per Mcfe. This was a decrease
when compared to the year-earlier quarter even though the
improvements in unit costs partially offset the decline in price
realizations.
Total E&P Division unit costs continued to improve in the
just-ended quarter, as fixed costs, such as direct administration,
were spread over higher production volumes. Unit costs were also
improved, as low-cost Marcellus and Utica Shale production
represented a much higher proportion of total production. In
addition, the company has generated significant cost improvements
across its coal-bed methane (CBM) field through continued
optimization, despite volumes declining year-over-year.
The Utica Shale segment's continued efficiency improvements,
along with higher production volumes, helped drive down lease
operating expenses and direct administration costs, specifically,
which were partially offset by slight increases to gathering and
transportation costs during the quarter.
The Marcellus Shale segment's all-in unit costs were improved in
part by volumes increasing 33%, when compared to the year-earlier
quarter. Partially offsetting Marcellus unit cost improvements were
slight increases in gathering and transportation costs associated
with fees related to liquids gas processing.
The coal-bed methane (CBM) segment's all-in unit costs were
$2.79 per Mcf in the just-ended
quarter, or a decrease of $0.48 per
Mcf from $3.27 per Mcf in the
year-earlier quarter. Despite volumes declining in the quarter by
approximately 7%, compared to the year-earlier quarter, the
company continued to drive down costs through optimizing areas
related to lease operating expenses such as contractual and well
services, salt water disposal, and maintenance schedules.
E&P Marketing, Transportation, and Processing
Update:
For the fourth quarter of 2015, CONSOL's average sales price for
natural gas, natural gas liquids (NGL), oil, and condensate was
$2.78 per Mcfe. CONSOL's average
price for natural gas was $1.83 per
Mcf for the quarter and, including hedging, was $2.78 per Mcf. During the fourth quarter, CONSOL
produced NGL, oil, and condensate volumes of 12.0 Bcfe, or 13% of
the company's total gas equivalent volumes. These liquids volumes
were 41% greater than those of the year-earlier quarter, which then
comprised 12% of the company's total gas equivalent volumes. The
average realized price for all liquids for the fourth quarter of
2015 was $16.34 per barrel.
The company currently has a total of 1.2 Bcf per day of
available firm transportation capacity. This is composed of 0.9 Bcf
per day of firm capacity on existing pipelines and an additional
0.3 Bcf per day of long-term firm sales with major customers having
their own firm capacity. Additionally, CONSOL has contracted
volumes of approximately 0.5 Bcf per day on several pipeline
projects that will be completed over the next several years. Even
with the future expiration of certain transportation contracts, the
company's effective firm transportation capacity will increase to
approximately 1.6 Bcf per day. The average demand cost for the
existing firm capacity is approximately $0.26 per MMBtu. The average demand cost for the
existing and committed firm capacity is approximately $0.34 per MMBtu.
In addition to firm transportation capacity, CONSOL has
developed a processing portfolio to support the projected volumes
from its wet production areas. The company has agreements in place
to support the processing of approximately 0.4 Bcf per day of gross
natural gas volumes.
Coal Division Results:
Coal Division Fourth Quarter Summary:
During the fourth quarter of 2015, CONSOL Energy's Coal Division
saw safety and compliance exceptions reduced by approximately 60%,
compared to the year-earlier quarter. In the Pennsylvania
Operations, the company's Bailey Mine was awarded the 2015 Keystone
Mine Safety Award for the second consecutive year in the longwall
mine category during the fourth quarter. The Miller Creek Complex
was awarded the Mountaineer Guardian Safety Award of West Virginia. These significant
accomplishments continue to illustrate CONSOL's unwavering
commitment to the company's top two core values of safety and
compliance.
During the fourth quarter of 2015, the Coal Division's total
unit costs were $41.97 per ton, or an
improvement of $3.02 per ton,
compared to $44.99 per ton in the
year-earlier quarter. Full year 2015 Coal Division total unit costs
were $43.64 per ton, or an
improvement of $3.27 per ton,
compared to $46.91 per ton in the
prior year. Full year 2015 Coal Division total unit costs were
within the previously stated cost guidance of $41.61-$45.36 per ton.
The Pennsylvania Operations total unit costs were $39.84 per ton, compared to $42.61 per ton in the year-earlier quarter,
despite production declining by approximately 28% over the same
period. The improved cost performance during the quarter was
primarily driven by reduced expenses related to Pennsylvania streams subsidence. Also, the
Pennsylvania Operations continues to optimize the operational
schedule at the mines to offset potential unit cost increases
related to expected lower production volumes.
CONSOL Energy previously announced a reduction to Pennsylvania
Operations 2016 sales guidance to 22-26 million tons due to
shipment schedules and high-levels of customer inventories. As a
result CONSOL has temporarily idled the Harvey Mine, one of the
five longwalls in the Pennsylvania Operations. This action will not
affect the previously stated guidance, but it will optimize the
operating schedule to offset any cost increases associated with the
delay in shipments. CONSOL expects that its decision to idle a
longwall is short-term since the Pennsylvania Operations has a
strong sold position of approximately 100%, based on the midpoint
of the 22-26 million tons sales guidance. The Pennsylvania
Operations was built to provide optionality and flexibility as to
which longwalls are run, which could change in the future, based on
coal quality, mining conditions and timing.
The Virginia Operations continues to optimize its cost
structure, as reflected in the much lower all-in unit costs during
the fourth quarter 2015 of $44.08 per
ton, compared to $53.96 per ton in
the year-earlier quarter. Better utilization from previously
completed efficiency projects, and reduced travel time to the face
of the longwall continued to benefit cost
performance.
During the quarter, CONSOL's active coal operations generated
$121 million of cash before capital
expenditures.
COAL DIVISION
RESULTS BY PRODUCT CATEGORY - Quarter-To-Quarter
Comparison
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PA
Ops
|
|
PA
Ops
|
|
VA
Ops
|
|
VA
Ops
|
|
Other
|
|
Other
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Inventory
(millions of tons)
|
|
0.5
|
|
|
0.3
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
Coal Production
(millions of tons)
|
|
4.6
|
|
|
6.4
|
|
|
1.1
|
|
|
1.0
|
|
|
0.5
|
|
|
0.6
|
|
Ending Inventory
(millions of tons)
|
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.1
|
|
Sales - Company
Produced (millions of tons)
|
|
5.0
|
|
|
6.5
|
|
|
1.1
|
|
|
1.1
|
|
|
0.5
|
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Per
Ton
|
|
$
|
52.57
|
|
|
$
|
60.10
|
|
|
$
|
48.41
|
|
|
$
|
68.58
|
|
|
$
|
60.65
|
|
|
$
|
59.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Production
Costs Per Ton
|
|
$
|
39.84
|
|
|
$
|
42.61
|
|
|
$
|
44.08
|
|
|
$
|
53.96
|
|
|
$
|
61.26
|
|
|
$
|
56.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Margin Per
Ton Sold
|
|
$
|
12.73
|
|
|
$
|
17.49
|
|
|
$
|
4.33
|
|
|
$
|
14.62
|
|
|
$
|
(0.61)
|
|
|
$
|
3.28
|
|
Addback: DD&A Per
Ton
|
|
$
|
8.26
|
|
|
$
|
6.85
|
|
|
$
|
8.83
|
|
|
$
|
10.00
|
|
|
$
|
3.82
|
|
|
$
|
3.63
|
|
Average Margin Per
Ton, before DD&A
|
|
$
|
20.99
|
|
|
$
|
24.34
|
|
|
$
|
13.16
|
|
|
$
|
24.62
|
|
|
$
|
3.21
|
|
|
$
|
6.91
|
|
Cash Flow before Cap.
Ex ($ MM)
|
|
$
|
105
|
|
|
$
|
158
|
|
|
$
|
14
|
|
|
$
|
27
|
|
|
$
|
2
|
|
|
$
|
3
|
|
The Pennsylvania Operations include Bailey, Enlow Fork, and
Harvey mines. The Virginia Operations include the Buchanan Mine.
Other includes the Miller Creek Complex. Total Production Costs per
Ton include: operating costs, direct administration and selling
costs, royalty and production taxes and depreciation, depletion and
amortization. Sales tons times Average Margin Per Ton, before
DD&A is meant to approximate the amount of cash generated for
the Pennsylvanian Operations, Virginia Operations, and Other coal
categories. This cash generation will be offset by maintenance of
production (MOP) capital expenditures. Table may not sum due to
rounding.
Coal Marketing Update:
In the fourth quarter of 2015, CONSOL Energy's Coal Division
sold 6.6 million tons, compared to 8.1 million during the
year-earlier quarter. For full year 2015, CONSOL sold 29.2 million
tons, which was in-line with 2015 total Coal Division guidance of
28.9-29.9 million tons. The timing of receipts of contracted tons,
netback contracts, and spot business, both domestic and export, are
affecting coal price realizations.
Pennsylvania Operations:
During the fourth quarter of
2015, the Pennsylvania Operations sold 5.0 million tons to 40
different end users through term contracts varying in length.
Despite the currently depressed coal and gas markets, CONSOL has
been able to gain market share in both traditional and
non-traditional markets, which has resulted in a strong 2016 sold
position of 24.1 million tons, or 100% of total estimated sales
tons based on the midpoint of the recently reduced guidance range
for Pennsylvania Operations of 22-26 million tons. However,
unprecedented warm December weather has contributed more volatility
to an already volatile market. This volatility could result in
shipping delays, which may affect average realizations based upon
changes in the customer mix and timing of coal shipments. Despite
some shipping delays, CONSOL expects to ultimately ship these tons,
but in the interim, the company continues to seek additional
incremental sales to help offset delays. In addition to a strong
2016 sold position, CONSOL also has sold positions for 2017 and
2018 of approximately 61% and 49%, respectively. CONSOL Energy's
contracting strategy remains the same: to continue to build a
portfolio that targets the power plants that will endure in future
energy markets with the potential to grow their consumption of
coal.
Virginia Operations:
In the fourth quarter of 2015,
the Virginia Operations sold 1.1 million tons of coal to domestic
and international customers. The continued cost performance of the
Virginia Operation's Buchanan Mine allowed the segment to remain
competitive and profitable, while attracting new sales
opportunities domestically and in Europe. During the quarter, CONSOL executed
upon its strategy to increase domestic sales, which are now
expected to represent approximately 35%-40% of 2016 sales. In the
fourth quarter, CONSOL contracted 0.7 million tons of the Buchanan
Mine's low-vol metallurgical coal into the domestic market for
2016. As additional supply cuts are announced and the metallurgical
coal market recovers, the Virginia Operations will continue to
prosper. CONSOL Energy continues to expect steady demand for its
low-vol coal in the first quarter of 2016 and subsequent
quarters.
Other:
In the fourth quarter of 2015, the Miller Creek
Complex sold 0.5 million tons, which is flat with the year-earlier
quarter. Also in the fourth quarter, CONSOL contracted a term deal
consisting of an additional 2.0 million tons with a Southeastern
utility customer, resulting in a sold position of 1.8 and 1.0
million tons for 2016 and 2017, respectively. In order to balance
inventory with coal shipments, CONSOL temporarily idled the Miller
Creek Complex. The company anticipates restarting operations once
inventory levels normalize.
E&P Division Guidance:
CONSOL Energy expects annual 2016 E&P Division production to
be approximately 15% growth compared to 2015 total production
volumes.
Total hedged natural gas production in the 2016 first quarter is
58.9 Bcf. The annual gas hedge position is shown in the table
below:
E&P DIVISION
GUIDANCE
|
|
|
2016
|
|
2017
|
Total Yearly
Production (Bcfe) / % growth
|
|
~15%
|
|
TBD*
|
Volumes Hedged (Bcf),
as of 1/15/16
|
|
223.7
|
|
156.6
|
|
|
|
|
|
|
|
* Yearly 2017 production will be a function of the second
half 2016 capital program, continued debottlenecking initiatives,
and the company's drilled but uncompleted (DUC) well
inventory.
CONSOL Energy's hedged gas volumes include a combination of
NYMEX financial hedges and index financial hedges (NYMEX plus
basis). In addition, to protect the NYMEX hedge volumes from basis
exposure, CONSOL enters into basis-only financial hedges and
physical sales with fixed basis at certain sales points. CONSOL
Energy's gas hedge position is shown in the table below:
GAS
HEDGES
|
|
|
|
|
|
|
|
|
|
Q1
2016
|
|
2016
|
|
2017
|
Total NYMEX +
Basis* (Bcf)
|
|
55.6
|
|
223.3
|
|
67.6
|
Average Hedge Price
($/Mcf)
|
|
$
|
3.55
|
|
$
|
3.28
|
|
$
|
3.07
|
|
|
|
|
|
|
|
NYMEX Only Hedges
Exposed to Basis (Bcf)
|
|
-
|
|
0.4
|
|
89.0
|
Average Hedge
Price ($/Mcf)
|
|
-
|
|
$
|
3.58
|
|
$
|
3.08
|
|
|
|
|
|
|
|
Physical Sales With
Fixed Basis Exposed to NYMEX (Bcf)
|
|
3.3
|
|
-
|
|
-
|
Average Hedge Basis
Value ($/Mcf)
|
|
$
|
0.31
|
|
-
|
|
-
|
* Includes physical sales with fixed basis in Q1 2016, 2016,
and 2017 of 18.8 Bcf, 57.5 Bcf, and 21.3 Bcf, respectively.
During the fourth quarter of 2015, CONSOL Energy added an
additional 96 Bcf of NYMEX hedges for 2017. In addition, to help
mitigate basis exposure on NYMEX hedges, in the fourth quarter,
CONSOL added 50.5 Bcf and 21.1 Bcf of basis hedges for 2016 and
2017, respectively.
CONSOL's 2016 NYMEX plus basis hedge position increased during
the quarter to 223.3 Bcf at an average hedge price
of $3.28 per Mcf. NYMEX plus basis hedge volumes are not
exposed to basis differentials but instead have protected revenue.
As a result, in 2016, NYMEX plus basis gas hedges lock in revenue
of approximately $732 million.
Coal Division Guidance:
CONSOL Energy expects annual 2016 Coal Division sales to be
approximately 27-32 million tons, which includes 2016 estimated
sales for Pennsylvania Operations of 22-26 millions tons.
COAL DIVISION
GUIDANCE
|
|
|
|
|
|
|
2016
|
|
2017
|
Est. Total Coal
Sales
|
|
27.0 -
32.0
|
|
30.5 -
33.4
|
Committed
|
|
27.8
|
|
12.7
|
Estimated Price
Per Ton (committed tons)
|
|
$50-$55
|
|
$50-$55
|
Est. PA Operations
Sales
|
|
22.0 -
26.0
|
|
25.0 -
27.0
|
Committed
|
|
24.1
|
|
11.1
|
Est. VA Operations
Sales
|
|
3.5 - 4.2
|
|
3.7 - 4.2
|
Committed
|
|
1.9
|
|
1.6
|
Est. Other
Sales
|
|
1.5 - 1.8
|
|
1.8 - 2.2
|
Committed
|
|
1.8
|
|
—
|
Refer to note at the end of the press release for additional
disclosures.
Liquidity:
As of December 31, 2015, CONSOL
Energy had $855.9 million in total
liquidity, which is comprised of $66.1
million of cash, excluding the CNX Coal Resources LP
("CNXC") cash balance, and $789.8
million available to be borrowed under its $2.0 billion bank facility. During the quarter,
the company's lending group reaffirmed the bank facility's
$2.0 billion borrowing base. In
addition, CONSOL holds 12.7 million CNXC limited partnership units
with a current market value of approximately $86 million and 19.1 million CONE Midstream
Partners LP ("CNNX") limited partnership units with a current
market value of approximately $190
million, as of January 22,
2016.
As of December 31, 2015, CONSOL
Energy's leverage ratio decreased to 3.6x, compared to the previous
quarter's leverage of 3.8x.
About CONSOL
CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based producer of natural gas and
coal. The company is one of the largest independent natural gas
exploration, development and production companies, with operations
centered in the major shale formations of the Appalachian basin.
CONSOL Energy deploys an organic growth strategy focused on rapidly
developing its resource base. As of December
31, 2014, CONSOL Energy reported 6.8 trillion cubic feet
equivalent of proved natural gas reserves. The company's premium
coals are sold to electricity generators and steel makers, both
domestically and internationally. CONSOL Energy is a member of the
Standard & Poor's 500 Equity Index. Additional information can
be found at www.consolenergy.com.
Non-GAAP Financial Measures
Definition: EBIT is defined as earnings before deducting
net interest expense (interest expense less interest income) and
income taxes. EBITDA is defined as earnings before deducting
net interest expense (interest expense less interest income),
income taxes and depreciation, depletion and amortization.
Adjusted EBITDA is defined as EBITDA after adjusting for the
discrete items listed below. Although EBIT, EBITDA, and Adjusted
EBITDA are not measures of performance calculated in accordance
with generally accepted accounting principles, management believes
that they are useful to an investor in evaluating CONSOL Energy
because they are widely used to evaluate a company's operating
performance. Investors should not view these metrics as a
substitute for measures of performance that are calculated in
accordance with generally accepted accounting principles. In
addition, because all companies do not calculate EBIT, EBITDA, or
Adjusted EBITDA identically, the presentation here may not be
comparable to similarly titled measures of other companies.
Reconciliation of EBIT, EBITDA and Adjusted EBITDA to financial
net income attributable to CONSOL Energy Shareholders is as follows
(dollars in 000):
|
|
Three Months
Ended
|
|
|
December
31,
|
|
|
2015
|
|
2014
|
Net Income
|
|
$
|
34,325
|
|
$
|
73,666
|
|
|
|
|
|
Add: Interest
Expense
|
|
49,082
|
|
53,025
|
Less: Interest
Income
|
|
(431)
|
|
(476)
|
Add: Tax Valuation
Allowance
|
|
65,395
|
|
—
|
Add: Income
Taxes
|
|
59,569
|
|
6,032
|
Earnings Before
Interest & Taxes (EBIT)
|
|
207,940
|
|
132,247
|
|
|
|
|
|
Add:
Depreciation, Depletion & Amortization
|
|
159,170
|
|
166,841
|
|
|
|
|
|
Earnings Before
Interest, Taxes and DD&A (EBITDA)
|
|
367,110
|
|
299,088
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
OPEB Plan
Changes
|
|
(109,879)
|
|
—
|
Unrealized Gain on
Commodity Derivative Instruments
|
|
(62,388)
|
|
—
|
Pension
Settlement
|
|
15,921
|
|
3,603
|
Industrial Supplies
Working Capital Settlement
|
|
6,258
|
|
—
|
Gain on Sale of
Non-Core Assets
|
|
(7,551)
|
|
(19,830)
|
Blacksville Fire
Settlement
|
|
—
|
|
(9,750)
|
Total Pre-tax
Adjustments
|
|
(157,639)
|
|
(25,977)
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
209,471
|
|
$
|
273,111
|
|
|
|
|
|
Less: Noncontrolling
Interest
|
|
(3,920)
|
|
—
|
|
|
|
|
|
Adjusted EBITDA
Attributable to CONSOL Energy Shareholders
|
|
$
|
205,551
|
|
$
|
273,111
|
Note: Income tax effect of Total Pre-tax Adjustments was
$36,257 and $9,871 for the three months ended December 31, 2015 and December 31, 2014, respectively. Adjusted net
income attributable to CONSOL Energy shareholders for the three
months ended December 31, 2015 is
calculated as GAAP net income of $30,405 less total pre-tax adjustments of
$157,639, plus the tax effect of
$36,257, plus the tax valuation
allowance of $65,395 equals the
adjusted net loss attributable to CONSOL Energy shareholders of
$25,582. EBITDA attributable to
CONSOL Energy shareholders of $363,190 equals EBITDA of $367,110 less Noncontrolling interest of
$3,920.
Coal Division Guidance
Note: Committed tons are tons that are both committed to be
purchased and priced. Committed tons exclude collared tons and tons
that are sold but not yet priced. There are no collared tons in
2015 or 2016. Collared tons in 2017 are 4.9 million tons, with a
ceiling of $50.98 per ton and a floor
of $43.77 per ton. Contracts
with certain customers permit the customer to carry a portion of
their contracted tons into the following year and/or to take gas
instead of coal. For purposes of this table, the estimated price of
each committed contract includes the base price stated in the
contract and an estimate of the future adjustments to the
contracted base price as set forth in such contract. The adjustment
mechanisms reflect (i) variances in the quality characteristics of
coal delivered to the customer beyond threshold quality
characteristics specified in the applicable sales contract, (ii)
the actual calorific value of coal delivered to the customer,
and/or (iii) changes in electric power prices in the markets in
which our customers operate, as adjusted for any factors set forth
in the applicable contract. Each customer contract is different and
not all contracts contain adjustments described in the preceding
sentence. The estimated prices set forth in the table above were
based in part on certain assumptions made by management. With
respect to clause (i) quality characteristics, we based our
assumption on our average monthly estimated quality numbers
generated with our production forecast, created using pre-mining
geology and analytical work, to determine the likely penalties and
premiums associated with each contract using the average mine
quality for tons estimated to be shipped during the time period.
With respect to clause (ii) actual calorific value, we based our
assumption on our average monthly estimated quality numbers
generated with our production forecast, created using premining
geology and analytical work, to determine the likely penalties and
premiums associated with each contract using the average mine
quality for tons estimated to be shipped during the time period.
With respect to clause (iii), the electric power price-related
adjustments, if any, result only in positive monthly adjustments to
the contracted base price that we receive for our coal. These
adjustments to contracted base prices were estimated using publicly
available regional power generation information applicable to the
markets in which our customers operate and other internally
estimated information regarding contract specific factors that
impact pricing. The key assumptions used for the estimated electric
power price-related adjustments were derived using PJM Western Hub
Day-Ahead Calendar Month (Peak and Off-Peak) prices adjusted using
management's judgment and historical results. These derived
assumptions were held constant in 2016 and 2017. While management
considers the expectations and assumptions regarding estimated
prices, including with respect to estimated electric power
price-related adjustments, to be reasonable, they are inherently
subject to business, economic, competitive, regulatory, and other
risks and uncertainties, most of which are beyond our
control.
Cautionary Statements
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements under federal securities laws including
Section 21E of the Securities Exchange Act of 1934 (the "Exchange
Act") that involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. The forward-looking
statements may include projections and estimates concerning the
timing and success of specific projects and our future production,
revenues, income and capital spending. When we use the words
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project," "will," or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe strategy that involves risks or uncertainties, we are
making forward-looking statements. The forward-looking statements
in this press release, if any, speak only as of the date of this
press release; we disclaim any obligation to update these
statements. We have based these forward-looking statements on our
current expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the following:
deterioration in economic conditions in any of the industries in
which our customers operate may decrease demand for our products,
impair our ability to collect customer receivables and impair our
ability to access capital; prices for natural gas, natural gas and
other liquids and coal are volatile and can fluctuate widely based
upon a number of factors beyond our control including oversupply
relative to the demand available for our products, weather and the
price and availability of alternative fuels. An extended decline in
the prices we receive for our natural gas, natural gas liquids and
coal affecting our operating results and cash flows; foreign
currency fluctuations could adversely affect the competitiveness of
our coal abroad; our customers extending existing contracts or
entering into new long-term contracts for coal on favorable terms;
our reliance on major customers; our inability to collect payments
from customers if their creditworthiness declines or if they fail
to honor their contracts; the disruption of rail, barge, gathering,
processing and transportation facilities and other systems that
deliver our natural gas, natural gas liquids and coal to market; a
loss of our competitive position because of the competitive nature
of the natural gas and coal industries, or a loss of our
competitive position because of overcapacity in these industries
impairing our profitability; coal users switching to other fuels in
order to comply with various environmental standards related to
coal combustion emissions; the impact of potential, as well as any
adopted environmental regulations including any relating to
greenhouse gas emissions on our operating costs as well as on the
market for natural gas and coal and for our securities; the risks
inherent in natural gas and coal operations, including our reliance
upon third party contractors, being subject to unexpected
disruptions, including geological conditions, equipment failure,
timing of completion of significant construction or repair of
equipment, fires, explosions, accidents and weather conditions
which could impact financial results; decreases in the availability
of, or increases in, the price of commodities or capital equipment
used in our mining and transportation operations; obtaining and
renewing governmental permits and approvals for our natural gas and
coal operations; the effects of government regulation on the
discharge into the water or air, and the disposal and clean-up of,
hazardous substances and wastes generated during our natural gas
and coal operations; our ability to find adequate water sources for
our use in gas drilling, or our ability to dispose of water used or
removed from strata in connection with our gas operations at a
reasonable cost and within applicable environmental rules; the
effects of stringent federal and state employee health and safety
regulations, including the ability of regulators to shut down our
operations; the potential for liabilities arising from
environmental contamination or alleged environmental contamination
in connection with our past or current gas and coal operations; the
effects of mine closing, reclamation, gas well closing and certain
other liabilities; uncertainties in estimating our economically
recoverable gas, oil and coal reserves; defects may exist in our
chain of title and we may incur additional costs associated with
perfecting title for gas rights on some of our properties or
failing to acquire these additional rights may result in a
reduction of our estimated reserves; the outcomes of various legal
proceedings, which are more fully described in our reports filed
under the Securities Exchange Act of 1934; exposure to
employee-related long-term liabilities; lump sum payments made to
retiring salaried employees pursuant to our defined benefit pension
plan exceeding total service and interest cost in a plan year;
divestitures we anticipate may not occur or produce anticipated
benefits; the terms of our existing joint ventures restrict our
flexibility, actions taken by the other party in our gas joint
ventures may impact our financial position and various
circumstances could cause us not to realize the benefits we
anticipate receiving from these joint ventures; risks associated
with our debt; replacing our gas and oil reserves, which if not
replaced, will cause our gas and oil reserves and production to
decline; declines in our borrowing base could occur for a variety
of reasons, including lower natural gas or oil prices, declines in
natural gas and oil proved reserves, and lending regulations
requirements or regulations; our hedging activities may prevent us
from benefiting from price increases and may expose us to other
risks; changes in federal or state income tax laws, particularly in
the area of percentage depletion and intangible drilling costs,
could cause our financial position and profitability to
deteriorate; failure to appropriately allocate capital and other
resources among our strategic opportunities may adversely affect
our financial condition; failure by Murray Energy to satisfy
liabilities it acquired from us, or failure to perform its
obligations under various arrangements, which we guaranteed, could
materially or adversely affect our results of operations, financial
position, and cash flows; information theft, data corruption,
operational disruption and/or financial loss resulting from a
terrorist attack or cyber incident; operating in a single
geographic area; certain provisions in our multi-year sales
contracts may provide limited protection during adverse economic
conditions, and may result in economic penalties or permit the
customer to terminate the contract; our common units in CNX Coal
Resources LP and CONE Midstream Partners LP are subordinated, and
we may not receive distributions from CNX Coal Resources LP or CONE
Midstream Partners LP; other factors discussed in the 2014 Form
10-K under "Risk Factors," as updated by any subsequent Form 10-Qs,
which are on file at the Securities and Exchange Commission.
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Dollars in
thousands, except per share data)
|
December
31,
|
|
December
31,
|
(Unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues and Other
Income:
|
|
|
|
|
|
|
|
Natural Gas, NGLs and
Oil Sales
|
$
|
185,291
|
|
|
$
|
250,484
|
|
|
$
|
726,921
|
|
|
$
|
1,004,924
|
|
Gain on Commodity
Derivative Instruments
|
141,868
|
|
|
24,234
|
|
|
392,942
|
|
|
23,193
|
|
Coal Sales
|
343,117
|
|
|
497,227
|
|
|
1,657,865
|
|
|
2,052,166
|
|
Other Outside
Sales
|
6,371
|
|
|
63,195
|
|
|
30,967
|
|
|
276,242
|
|
Production Royalty
Interests and Purchased Gas Sales
|
20,208
|
|
|
22,654
|
|
|
59,631
|
|
|
91,427
|
|
Freight-Outside
Coal
|
11,602
|
|
|
5,597
|
|
|
25,597
|
|
|
28,148
|
|
Miscellaneous Other
Income
|
33,568
|
|
|
41,288
|
|
|
145,968
|
|
|
207,103
|
|
Gain on Sale of
Assets
|
19,906
|
|
|
30,986
|
|
|
74,510
|
|
|
43,601
|
|
Total Revenue and
Other Income
|
761,931
|
|
|
935,665
|
|
|
3,114,401
|
|
|
3,726,804
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
Exploration and
Production Costs
|
|
|
|
|
|
|
|
Lease Operating
Expense
|
22,632
|
|
|
30,429
|
|
|
98,997
|
|
|
109,172
|
|
Transportation,
Gathering and Compression
|
97,594
|
|
|
78,298
|
|
|
355,923
|
|
|
258,110
|
|
Production, Ad
Valorem, and Other Fees
|
5,833
|
|
|
10,601
|
|
|
30,438
|
|
|
39,418
|
|
Direct Administrative
and Selling
|
7,639
|
|
|
15,788
|
|
|
46,192
|
|
|
55,004
|
|
Depreciation,
Depletion and Amortization
|
100,997
|
|
|
90,955
|
|
|
370,374
|
|
|
323,600
|
|
Exploration and
Production Related Other Costs
|
2,423
|
|
|
7,590
|
|
|
10,119
|
|
|
23,355
|
|
Production Royalty
Interests and Purchased Gas Costs
|
15,793
|
|
|
18,666
|
|
|
46,544
|
|
|
77,185
|
|
Other Corporate
Expenses
|
23,875
|
|
|
25,712
|
|
|
90,583
|
|
|
86,588
|
|
Impairment of
Exploration and Production Properties
|
—
|
|
|
—
|
|
|
828,905
|
|
|
—
|
|
General and
Administrative
|
12,158
|
|
|
16,292
|
|
|
54,244
|
|
|
64,047
|
|
Total Exploration
and Production Costs
|
288,944
|
|
|
294,331
|
|
|
1,932,319
|
|
|
1,036,479
|
|
Coal
Costs
|
|
|
|
|
|
|
|
Operating and Other
Costs
|
132,485
|
|
|
305,903
|
|
|
863,199
|
|
|
1,322,737
|
|
Royalties and
Production Taxes
|
15,370
|
|
|
23,493
|
|
|
78,844
|
|
|
100,890
|
|
Direct Administrative
and Selling
|
7,284
|
|
|
9,753
|
|
|
33,476
|
|
|
44,106
|
|
Depreciation,
Depletion and Amortization
|
58,172
|
|
|
75,490
|
|
|
279,209
|
|
|
280,150
|
|
Freight
Expense
|
11,602
|
|
|
5,597
|
|
|
25,597
|
|
|
28,148
|
|
General and
Administrative Costs
|
8,050
|
|
|
11,155
|
|
|
29,836
|
|
|
45,160
|
|
Other Corporate
Expenses
|
6,824
|
|
|
13,877
|
|
|
39,687
|
|
|
55,321
|
|
Total Coal
Costs
|
239,787
|
|
|
445,268
|
|
|
1,349,848
|
|
|
1,876,512
|
|
Other
Costs
|
|
|
|
|
|
|
|
Miscellaneous
Operating Expense
|
24,828
|
|
|
62,810
|
|
|
64,096
|
|
|
309,174
|
|
General and
Administrative Costs
|
—
|
|
|
137
|
|
|
—
|
|
|
788
|
|
Depreciation,
Depletion and Amortization
|
1
|
|
|
396
|
|
|
18
|
|
|
1,896
|
|
Loss on Debt
Extinguishment
|
—
|
|
|
—
|
|
|
67,751
|
|
|
95,267
|
|
Interest
Expense
|
49,082
|
|
|
53,025
|
|
|
199,269
|
|
|
223,564
|
|
Total Other
Costs
|
73,911
|
|
|
116,368
|
|
|
331,134
|
|
|
630,689
|
|
Total Costs And
Expenses
|
602,642
|
|
|
855,967
|
|
|
3,613,301
|
|
|
3,543,680
|
|
Earnings (Loss)
Before Income Tax
|
159,289
|
|
|
79,698
|
|
|
(498,900)
|
|
|
183,124
|
|
Income Tax Expense
(Benefit)
|
124,964
|
|
|
6,032
|
|
|
(134,425)
|
|
|
14,347
|
|
Income (Loss) From
Continuing Operations
|
34,325
|
|
|
73,666
|
|
|
(364,475)
|
|
|
168,777
|
|
Loss From
Discontinued Operations, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,687)
|
|
Net Income
(Loss)
|
34,325
|
|
|
73,666
|
|
|
(364,475)
|
|
|
163,090
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
3,920
|
|
|
—
|
|
|
10,410
|
|
|
—
|
|
Net Income (Loss)
Attributable to CONSOL Energy Shareholders
|
$
|
30,405
|
|
|
$
|
73,666
|
|
|
$
|
(374,885)
|
|
|
$
|
163,090
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(CONTINUED)
|
|
|
Three Months
Ended
|
|
For the Year
Ended
|
(Dollars in
thousands, except per share data)
|
December
31,
|
|
December
31,
|
(Unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Earnings (Loss)
Per Share
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
Income (Loss) from
Continuing Operations
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
(1.64)
|
|
|
$
|
0.73
|
|
Income (Loss) from
Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02)
|
|
Total Basic
Earnings (Loss) Per Share
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
(1.64)
|
|
|
$
|
0.71
|
|
Dilutive
|
|
|
|
|
|
|
|
Income (Loss) from
Continuing Operations
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
(1.64)
|
|
|
$
|
0.73
|
|
Loss from
Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.03)
|
|
Total Dilutive
Earnings (Loss) Per Share
|
$
|
0.13
|
|
|
$
|
0.32
|
|
|
$
|
(1.64)
|
|
|
$
|
0.70
|
|
|
|
|
|
|
|
|
|
Dividends Paid Per
Share
|
$
|
0.01
|
|
|
$
|
0.0625
|
|
|
$
|
0.145
|
|
|
$
|
0.25
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
Three Months
Ended
|
|
For the Year
Ended
|
(Dollars in
thousands)
|
December
31,
|
|
December
31,
|
(Unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net Income
(Loss)
|
$
|
34,325
|
|
|
$
|
73,666
|
|
|
$
|
(364,475)
|
|
|
$
|
163,090
|
|
Other Comprehensive
(Loss) Income:
|
|
|
|
|
|
|
|
Actuarially
Determined Long-Term Liability Adjustments (Net of tax: $28,435,
$51,850, $53,487, ($56,304))
|
(46,410)
|
|
|
(90,486)
|
|
|
(86,447)
|
|
|
94,989
|
|
Net Increase in the
Value of Cash Flow Hedge (Net of tax: $-, ($68,928), $-,
($55,767))
|
—
|
|
|
117,348
|
|
|
—
|
|
|
97,316
|
|
Reclassification of
Cash Flow Hedges from Other Comprehensive Income to Earnings (Net
of tax: $9,931, $15,974, $45,054, $10,465
|
(17,331)
|
|
|
(22,042)
|
|
|
(78,051)
|
|
|
(18,288)
|
|
|
|
|
|
|
|
|
|
Other Comprehensive
(Loss) Income
|
(63,741)
|
|
|
4,820
|
|
|
(164,498)
|
|
|
174,017
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss)
Income
|
(29,416)
|
|
|
78,486
|
|
|
(528,973)
|
|
|
337,107
|
|
|
|
|
|
|
|
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
3,920
|
|
|
—
|
|
|
10,410
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss)
Income Attributable to CONSOL Energy Inc. Shareholders
|
$
|
(33,336)
|
|
|
$
|
78,486
|
|
|
$
|
(539,383)
|
|
|
$
|
337,107
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
(Unaudited)
|
|
|
(Dollars in
thousands)
|
December 31,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
72,578
|
|
|
$
|
176,989
|
|
Accounts and Notes
Receivable:
|
|
|
|
Trade
|
200,508
|
|
|
260,943
|
|
Other
Receivables
|
122,095
|
|
|
346,020
|
|
Inventories
|
97,438
|
|
|
101,873
|
|
Recoverable Income
Taxes
|
13,887
|
|
|
20,401
|
|
Prepaid
Expenses
|
298,257
|
|
|
187,742
|
|
Total Current
Assets
|
804,763
|
|
|
1,093,968
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
15,574,946
|
|
|
14,674,777
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
5,905,569
|
|
|
4,512,305
|
|
Total Property,
Plant and Equipment—Net
|
9,669,377
|
|
|
10,162,472
|
|
Other
Assets:
|
|
|
|
Investment in
Affiliates
|
237,330
|
|
|
152,958
|
|
Other
|
218,432
|
|
|
245,248
|
|
Total Other
Assets
|
455,762
|
|
|
398,206
|
|
|
|
|
|
TOTAL
ASSETS
|
$
|
10,929,902
|
|
|
$
|
11,654,646
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(Unaudited)
|
|
|
(Dollars in
thousands, except per share data)
|
December 31,
2015
|
|
December 31,
2014
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
271,394
|
|
|
$
|
531,973
|
|
Short-Term Notes
Payable
|
952,000
|
|
|
—
|
|
Current Portion of
Long-Term Debt
|
6,650
|
|
|
7,202
|
|
Other Accrued
Liabilities
|
450,893
|
|
|
602,972
|
|
Total Current
Liabilities
|
1,680,937
|
|
|
1,142,147
|
|
Long-Term
Debt:
|
|
|
|
Long-Term
Debt
|
2,712,911
|
|
|
3,203,920
|
|
Capital Lease
Obligations
|
35,294
|
|
|
39,456
|
|
Total Long-Term
Debt
|
2,748,205
|
|
|
3,243,376
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
Deferred Income
Taxes
|
74,629
|
|
|
259,024
|
|
Postretirement
Benefits Other Than Pensions
|
630,892
|
|
|
703,680
|
|
Pneumoconiosis
Benefits
|
113,032
|
|
|
116,941
|
|
Mine
Closing
|
299,280
|
|
|
306,789
|
|
Gas Well
Closing
|
164,634
|
|
|
175,369
|
|
Workers'
Compensation
|
69,812
|
|
|
75,947
|
|
Salary
Retirement
|
91,596
|
|
|
109,956
|
|
Reclamation
|
34,150
|
|
|
33,788
|
|
Other
|
166,959
|
|
|
158,171
|
|
Total Deferred
Credits and Other Liabilities
|
1,644,984
|
|
|
1,939,665
|
|
TOTAL
LIABILITIES
|
6,074,126
|
|
|
6,325,188
|
|
Stockholders'
Equity:
|
|
|
|
Common Stock, $0.01
Par Value; 500,000,000 Shares Authorized, 229,054,236 Issued
and Outstanding at December 31, 2015; 230,265,463 Issued and
Outstanding at December 31, 2014
|
2,294
|
|
|
2,306
|
|
Capital in Excess of
Par Value
|
2,435,497
|
|
|
2,424,102
|
|
Preferred Stock,
15,000,000 Shares Authorized, None Issued and
Outstanding
|
—
|
|
|
—
|
|
Retained
Earnings
|
2,579,834
|
|
|
3,054,150
|
|
Accumulated Other
Comprehensive Loss
|
(315,598)
|
|
|
(151,100)
|
|
Common Stock in
Treasury, at Cost—No Shares at December 31, 2015 and
2014
|
—
|
|
|
—
|
|
Total CONSOL
Energy Inc. Stockholders' Equity
|
4,702,027
|
|
|
5,329,458
|
|
Noncontrolling
Interest
|
153,749
|
|
|
—
|
|
TOTAL
EQUITY
|
4,855,776
|
|
|
5,329,458
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
10,929,902
|
|
|
$
|
11,654,646
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
(Dollars in
thousands, except per share data)
|
Common
Stock
|
|
Capital in
Excess
of Par
Value
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
(Loss)
|
|
Common
Stock in
Treasury
|
|
Total
CONSOL
Energy Inc.
Stockholders'
Equity
|
|
Non-
Controlling
Interest
|
|
Total
Equity
|
December 31,
2014
|
$
|
2,306
|
|
|
$
|
2,424,102
|
|
|
$
|
3,054,150
|
|
|
$
|
(151,100)
|
|
|
$
|
—
|
|
|
$
|
5,329,458
|
|
|
$
|
—
|
|
|
$
|
5,329,458
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss)
Income
|
—
|
|
|
—
|
|
|
(374,885)
|
|
|
—
|
|
|
—
|
|
|
(374,885)
|
|
|
10,410
|
|
|
(364,475)
|
|
Gas Cash Flow Hedge
(Net of $45,054 Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
(78,051)
|
|
|
—
|
|
|
(78,051)
|
|
|
—
|
|
|
(78,051)
|
|
Actuarially
Determined Long-Term Liability Adjustments (Net of $53,487
Tax)
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,447)
|
|
|
—
|
|
|
(86,447)
|
|
|
—
|
|
|
(86,447)
|
|
Comprehensive (Loss)
Income
|
—
|
|
|
—
|
|
|
(374,885)
|
|
|
(164,498)
|
|
|
—
|
|
|
(539,383)
|
|
|
10,410
|
|
|
(528,973)
|
|
Treasury Stock
Activity
|
—
|
|
|
—
|
|
|
(12,181)
|
|
|
—
|
|
|
—
|
|
|
(12,181)
|
|
|
—
|
|
|
(12,181)
|
|
Issuance of Common
Stock
|
10
|
|
|
8,278
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,288
|
|
|
—
|
|
|
8,288
|
|
Retirement of Common
Stock (2,213,100 shares)
|
(22)
|
|
|
(17,683)
|
|
|
(53,969)
|
|
|
—
|
|
|
—
|
|
|
(71,674)
|
|
|
—
|
|
|
(71,674)
|
|
Tax Cost from
Stock-Based Compensation
|
—
|
|
|
(3,706)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,706)
|
|
|
—
|
|
|
(3,706)
|
|
Amortization of
Stock-Based Compensation Awards
|
—
|
|
|
24,506
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,506
|
|
|
—
|
|
|
24,506
|
|
Distributions to
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,060)
|
|
|
(5,060)
|
|
Proceeds from Sale of
MLP Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148,399
|
|
|
148,399
|
|
Dividends ($0.145 per
share)
|
—
|
|
|
—
|
|
|
(33,281)
|
|
|
—
|
|
|
—
|
|
|
(33,281)
|
|
|
—
|
|
|
(33,281)
|
|
December 31,
2015
|
$
|
2,294
|
|
|
$
|
2,435,497
|
|
|
$
|
2,579,834
|
|
|
$
|
(315,598)
|
|
|
$
|
—
|
|
|
$
|
4,702,027
|
|
|
$
|
153,749
|
|
|
$
|
4,855,776
|
|
CONSOL ENERGY INC.
AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Dollars in
Thousands)
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating
Activities:
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Net Income
|
|
$
|
34,325
|
|
|
$
|
73,666
|
|
|
$
|
(364,475)
|
|
|
$
|
163,090
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided By Continuing Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Loss
from Discontinued Operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,687
|
|
Depreciation,
Depletion and Amortization
|
|
159,170
|
|
|
166,841
|
|
|
649,601
|
|
|
605,646
|
|
Impairment of
Exploration and Production Properties
|
|
—
|
|
|
—
|
|
|
828,905
|
|
|
—
|
|
Non-Cash Other
Post-Employment Benefits
|
|
(109,879)
|
|
|
(45,751)
|
|
|
(261,750)
|
|
|
(45,749)
|
|
Stock-Based
Compensation
|
|
4,667
|
|
|
9,358
|
|
|
24,506
|
|
|
41,877
|
|
Gain on Sale of
Assets
|
|
(19,906)
|
|
|
(30,986)
|
|
|
(74,510)
|
|
|
(43,601)
|
|
Loss on Debt
Extinguishment
|
|
—
|
|
|
—
|
|
|
67,751
|
|
|
95,267
|
|
Gain on Commodity
Derivative Instruments
|
|
(141,868)
|
|
|
(24,234)
|
|
|
(392,942)
|
|
|
(23,193)
|
|
Net Cash Received in
Settlement of Commodity Derivative Instruments
|
|
79,480
|
|
|
24,234
|
|
|
196,348
|
|
|
19,025
|
|
Deferred Income
Taxes
|
|
59,376
|
|
|
(6,823)
|
|
|
(152,051)
|
|
|
(10,430)
|
|
Return on Equity
Investment
|
|
4,355
|
|
|
54,750
|
|
|
35,466
|
|
|
102,174
|
|
Equity in Earnings of
Affiliates
|
|
(16,059)
|
|
|
(11,314)
|
|
|
(54,897)
|
|
|
(49,791)
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
|
|
|
Accounts and Notes
Receivable
|
|
40,933
|
|
|
(33,007)
|
|
|
118,205
|
|
|
(97,248)
|
|
Inventories
|
|
15,512
|
|
|
7,391
|
|
|
4,435
|
|
|
19,933
|
|
Prepaid
Expenses
|
|
24,596
|
|
|
(4,267)
|
|
|
127,687
|
|
|
4,536
|
|
Changes in Other
Assets
|
|
(19,121)
|
|
|
14,977
|
|
|
3,792
|
|
|
(20,767)
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
Payable
|
|
(25,204)
|
|
|
(124,364)
|
|
|
(148,580)
|
|
|
27,465
|
|
Accrued
Interest
|
|
(37,230)
|
|
|
(42,566)
|
|
|
26,649
|
|
|
(9,868)
|
|
Other Operating
Liabilities
|
|
(8,495)
|
|
|
68,810
|
|
|
(152,288)
|
|
|
195,431
|
|
Changes in Other
Liabilities
|
|
33,619
|
|
|
(6,208)
|
|
|
(8,677)
|
|
|
(54,274)
|
|
Other
|
|
23,295
|
|
|
9,094
|
|
|
32,674
|
|
|
45,496
|
|
Net Cash Provided by
Continuing Operations
|
|
101,566
|
|
|
99,601
|
|
|
505,849
|
|
|
970,706
|
|
Net Cash Used In
Discontinued Operating Activities
|
|
—
|
|
|
(12,992)
|
|
|
—
|
|
|
(33,926)
|
|
Net Cash Provided by
Operating Activities
|
|
101,566
|
|
|
86,609
|
|
|
505,849
|
|
|
936,780
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
(127,411)
|
|
|
(318,818)
|
|
|
(1,022,567)
|
|
|
(1,493,425)
|
|
Proceeds from Sales
of Assets
|
|
27,527
|
|
|
215,700
|
|
|
110,571
|
|
|
356,836
|
|
Net Investment in
Equity Affiliates
|
|
(13,997)
|
|
|
(13,325)
|
|
|
(84,221)
|
|
|
95,207
|
|
Net Cash Used in
Investing Activities
|
|
(113,881)
|
|
|
(116,443)
|
|
|
(996,217)
|
|
|
(1,041,382)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Proceeds from
(Payments on) Short-Term Borrowings
|
|
7,000
|
|
|
—
|
|
|
952,000
|
|
|
(11,736)
|
|
Payments on
Miscellaneous Borrowings
|
|
(2,776)
|
|
|
(6,117)
|
|
|
(4,338)
|
|
|
(10,286)
|
|
Payments on Long-Term
Notes, including Redemption Premium
|
|
—
|
|
|
(11,736)
|
|
|
(1,263,719)
|
|
|
(1,819,005)
|
|
Proceeds from
Issuance of Long-Term Notes
|
|
—
|
|
|
11,736
|
|
|
492,760
|
|
|
1,859,920
|
|
Net Proceeds from
Revolver - MLP
|
|
5,000
|
|
|
—
|
|
|
185,000
|
|
|
—
|
|
Distributions to
Noncontrolling Interest
|
|
(5,060)
|
|
|
—
|
|
|
(5,060)
|
|
|
—
|
|
Proceeds from Sale of
MLP Interests
|
|
—
|
|
|
—
|
|
|
148,359
|
|
|
—
|
|
Tax Benefit from
Stock-Based Compensation
|
|
—
|
|
|
151
|
|
|
208
|
|
|
2,629
|
|
Dividends
Paid
|
|
(2,290)
|
|
|
(14,387)
|
|
|
(33,281)
|
|
|
(57,506)
|
|
Proceeds from
Issuance of Common Stock
|
|
—
|
|
|
1,613
|
|
|
8,288
|
|
|
15,016
|
|
Purchases of Treasury
Stock
|
|
—
|
|
|
—
|
|
|
(71,674)
|
|
|
—
|
|
Debt Issuance and
Financing Fees
|
|
—
|
|
|
—
|
|
|
(22,586)
|
|
|
(24,861)
|
|
Net Cash Provided By
(Used in) Financing Activities
|
|
1,874
|
|
|
(18,740)
|
|
|
385,957
|
|
|
(45,829)
|
|
Net Decrease in Cash
and Cash Equivalents
|
|
(10,441)
|
|
|
(48,574)
|
|
|
(104,411)
|
|
|
(150,431)
|
|
Cash and Cash
Equivalents at Beginning of Period
|
|
83,019
|
|
|
225,563
|
|
|
176,989
|
|
|
327,420
|
|
Cash and Cash
Equivalents at End of Period
|
|
$
|
72,578
|
|
|
$
|
176,989
|
|
|
$
|
72,578
|
|
|
$
|
176,989
|
|
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SOURCE CONSOL Energy Inc.