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
Jul 28 15
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 Energy Inc. Announces Executive Changes
Jul 21 15
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.