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CONSOL Energy Announces Results for Q4 and 2019

Coal News - Published on Wed, 12 Feb 2020

Image Source: Consol Energy
CONSOL Energy Inc has reported financial and operating results for the period ended December 31, 2019. CONSOL Energy President and Chief Executive Officer Jimmy Brock said "2019 was quite a challenging year, as our industry dealt with weakening commodity and capital markets, which led to several bankruptcies in the coal space. Despite such a tough backdrop, I am pleased to announce that we delivered a strong set of results for the fourth quarter and full year of 2019. While U.S. coal production is estimated to have declined by 9% compared to 2018, the PAMC produced and sold 27.3 million tons in 2019, which is largely unchanged from the record production and sales levels set in 2018. These results were driven by our contracting strategy, well-capitalized asset base and consistent operational performance. On the financial front, we continued to reduce the leverage on our balance sheet by making net payments of approximately USD 184 million towards debt outstanding in 2019, and due to our refinancing efforts in early 2019, we've extended maturities into at least 2023 and increased liquidity."

Fourth Quarter 2019 and Full Year 2019 Highlights

GAAP net income of USD 17.4 million and USD 93.6 million for 4Q19 and 2019, respectively

Adjusted EBITDA of USD 92.1 million and USD 405.9 million for 4Q19 and 2019, respectively

Coal sales volume of 27.3 million tons is the second strongest year ever for the Pennsylvania Mining Complex

Harvey Mine achieved annual production record of 5.02 million tons

Coal Productionmillion tons6.86.7-1.5%
Coal Salesmillion tons7.06.7-4.5%
Average Revenue per Tonper ton$49.81 $45.14 -10.3%
Average Cash Costs of Coal Soldper ton$30.54 $30.38 -0.5%
Average Cash Margin per Ton Soldper ton$19.27 $14.76 -30.6%

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Posted By : Yogender Pancholi on Wed, 12 Feb 2020
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