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CONSOL Coal Resources Reports Results for the Second Quarter 2020

Coal News - Published on Thu, 13 Aug 2020

Image Source: CONSOL Coal Resources Coronavirus COVID19
CONSOL Coal Resources LP has reported financial and operating results for the quarter ended June 30, 2020. CONSOL Coal Resources Chief Executive Officer Mr Jimmy Brock said "The second quarter of 2020 was the most challenging quarter I have seen in the 30+ year history of the Pennsylvania Mining Complex, as government-imposed lockdowns in response to the COVID-19 pandemic, both domestically and abroad, resulted in historic underutilization of our assets. The significant demand decline in the second quarter that reduced our operational and sales performances also significantly impacted our financial results. However, I am pleased with the prompt response of our team, as we sought to align our operations with demand and reduce discretionary spending. From a shipment perspective, the decrease in demand for our coal as a result of the COVID-19 pandemic hit its lowest point to date in May. With summer weather now officially upon us and with economies beginning to reopen, we have seen shipment levels improve since the end of the second quarter, and we are cautiously optimistic that this trend will continue through the second half of 2020. Although we can't control the markets or overall demand during these unprecedented times, we are laser focused on managing the things that are within our control."

Second Quarter 2020 Highlights
Net loss of USD 7.9 million

CONSOL Coal Resources sold 0.6 million tons of coal during the second quarter of 2020 at an average revenue per ton sold of USD 43.82, compared to 1.8 million tons at an average revenue per ton sold of USD 47.53 in the year-ago period. The significant decline in sales tons for the quarter was the result of an unprecedented contraction in US. and global economic activity due to the COVID-19 pandemic. As a result of this decline, several customers deferred tonnage and/or partially bought out of their contracted positions. W

Coal Productionmillion tons0.61.8-67%
Coal Salesmillion tons0.61.8-67%
Average Revenue per Ton Soldper ton$43.82 $47.53 -8%
Average Cash Cost of Coal Sold per Ton1per ton$25.90 $31.07 -17%
Average Cash Margin per Ton Sold1per ton$17.92 $16.46 9%

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Posted By : Yogender Pancholi on Thu, 13 Aug 2020
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