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Last $15.23 USD
Change Today +0.84 / 5.84%
Volume 9.2M
CNX On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/31/15 All times are local (Market data is delayed by at least 15 minutes).

consol energy inc (CNX) Key Developments

Consol Energy Inc. Receives Approval from the Moon Board of Supervisors to Build Well Pad at Pittsburgh International Airport

Consol Energy Inc. sought approval from the Moon Board of Supervisors to build a well pad on land it leases from the Allegheny County Airport Authority, which owns 9,000 acres surrounding the airport. The company agreed to pay the authority $46 million up front, plus an estimated $450 million in royalties over 20 years for the right to extract natural gas from the Marcellus shale formation beneath the airport. Moon's Planning Commission signed off on the conditional-use application to permit the well pad in mid-July. The airport's property is in Findlay and Moon. Moon supervisors unanimously approved the conditional permit on August 5, 2015.

Pennsylvania Fish & Boat Commission to Settle Suit with Consol Energy Inc. over Fish Kill

The Pennsylvania Fish & Boat Commission agreed to settle a longstanding lawsuit over a significant fish kill connected to coal mine pollution in a creek that straddles the West Virginia border in Greene County. The agency declined to discuss financial terms or discuss the deal with Murray Energy Corp., which bought the Blacksville No. 2 mine in 2013 from Consol Energy Inc. The commission in 2011 sued Consol in Monongalia County Circuit Court in West Virginia claiming discharges from its Blacksville mine there killed about 43,000 fish and other aquatic life on a 30-mile stretch of Dunkard Creek in 2009. Consol reached settlements with West Virginia and federal authorities before selling the mine to Murray along with several others. Those settlements included $5.5 million in fines for violations at several mines and a $200 million project to prevent pollution that includes a water treatment plant in Marion County.

CONSOL Energy Inc. Intends to Reduce Its Dividend Per Quarter, Effective in the Third Quarter of 2015, Payable on August 24, 2015; Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Year 2015 and 2016

CONSOL Energy Inc. intends to reduce dividend per quarter. Consistent with what the company previously announced on December 10, 2014 and in connection with the initial public offering of CNX Coal Resources LP, the company intends to reduce its current regular dividend to $0.01 per share, per quarter, effective in the third quarter of 2015. The dividend is payable on August 24, 2015, to shareholders of record on August 10, 2015. The company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, natural gas, NGLs and oil sales were $201,911,000 against $229,743,000 a year ago. Total revenue and other income was $648,939,000 against $937,370,000 a year ago. Loss before income tax was $895,230,000 against $23,721,000 a year ago. Loss from continuing operations was $603,301,000 against $24,935,000 a year ago. Net loss was $603,301,000 against $24,935,000 a year ago. Basic and diluted loss per share from continuing operations was $2.64 against $0.11 a year ago. Basic and diluted loss per share was $2.64 against $0.11 a year ago. Net cash provided by operating activities was $61,742,000 against $221,045,000 a year ago. Capital expenditures were $341,766,000 against $368,286,000 a year ago. Adjusted net loss was $84 million or $0.37 per share. Adjusted EBITDA was $138 million compared to $246 million in the year-earlier quarter. For the six months, natural gas, NGLs and oil sales were $456,491,000 against $496,041,000 a year ago. Total revenue and other income was $1,538,531,000 against $1,906,523,000 a year ago. Loss before income tax was $841,803,000 against earnings before income tax $106,459,000 a year ago. Loss from continuing operations was $524,271,000 against earnings from continuing operations of $24,935,000 a year ago. Net loss was $524,271,000 against net income of $91,069,000 a year ago. Diluted loss per share from continuing operations was $2.29 against earnings per share of $0.42 a year ago. Basic and diluted loss per share was $2.29 against earnings per share of $0.39 a year ago. Net cash provided by operating activities was $294,215,000 against $557,147,000 a year ago. Capital expenditures were $635,785,000 against $819,295,000 a year ago. The company expects third quarter 2015 gas production to be approximately 75 Bcfe to 79 Bcfe, while annual 2015 production guidance remains between 300 Bcfe to 310 Bcfe, or 30% growth compared to 2014 total production. The company continues to expect 2016 annual gas production to grow by 20%.

CONSOL Mulls Acquisitions

CONSOL Energy Inc. (NYSE:CNX) is also evaluating the possibility of partnering with a third party to grow this asset through consolidation, before a potential future initial public offering.

CONSOL Energy Inc. Announces Executive Changes

Effective July 20, 2015, Lorraine L. Ritter, the current Controller and Vice President of CONSOL Energy Inc. and in such capacity serves as the company's current Principal Accounting Officer, will transition from her current position, given her new role as Chief Financial Officer and Chief Accounting Officer of CNX Coal Resources GP LLC. Effectively immediately upon Ms. Ritter's transition, on July 20, 2015, C. Kristopher Hagedorn will be appointed as the Principal Accounting Officer of the Company. Mr. Hagedorn, age 39, joined the company's accounting department in November 2012 and has served as the company's Assistant Controller since April 2014 and the Chief Accounting Officer of CONE Midstream GP LLC since August 2014.

 

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