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CONSOL Energy Announces Results for the Third Quarter 2019

Coal News - Published on Wed, 06 Nov 2019

Image Source: consolenergy.com
CONSOL Energy Inc has reported financial and operating results for the period ended September 30, 2019. Jimmy Brock, President and Chief Executive Officer of CONSOL Energy Inc, said "The third quarter is typically our weakest quarter of the year; however, I am pleased to announce that the PAMC delivered record third quarter production this year. This strong performance was underscored by our contracted position and the continued desirability of our product, which the capital markets failed to recognize. Furthermore, we were able to grow our total revenue by 3% this quarter compared to the year-ago period, despite major coal price indices suffering double-digit declines."

He added "This has been an increasingly tough year for our industry as both the commodity markets and capital markets have been challenging. The good news is that we have positioned ourselves to weather this storm. On the capital markets front, we completed our debt refinancing earlier in the year, reduced our leverage, increased our liquidity and expanded our financial flexibility. On the revenue front, we moved early to contract our coal and are now 82% contracted for 2020 at attractive prices compared to the current market. This gives our operations team good visibility as we plan our production schedule heading into 2020. On the balance sheet front, our contracted position and operational consistency also allow us to continue to opportunistically buy back our undervalued debt and equity securities."

Highlights

GAAP net income of USD 7.0 million

Adjusted EBITDA of USD 82.4 million

Source :

Posted By : Rabi Wangkhem on Wed, 06 Nov 2019
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