CANONSBURG, Pa., Oct. 12, 2020 /PRNewswire/ -- CONSOL Energy Inc.
(NYSE: CEIX) and CONSOL Coal Resources LP (NYSE: CCR) today
provided an update on several transactions that were executed
during the last several months.
Since July 1, 2020, CONSOL has
taken steps to bolster its financial flexibility and liquidity and
create value through multiple transactions that included sales of
land and mineral assets, gas wells, and coal reserves outside of
its active operations. In aggregate, CEIX and CCR expect to
generate miscellaneous income and gains on sale of assets in the
second half of 2020 totaling $60-$70 million and
$9-$10
million, respectively, related to these transactions. Both
companies continue to work on several additional opportunities as
well to further improve their balance sheets.
CONSOL believes these transactions enable it to enhance
liquidity and bolster financial flexibility. These transactions
also allow CEIX to accelerate its strategy of de-leveraging its
balance sheet through open market repurchases, and they position
the company well to take advantage of a potential coal market
recovery.
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and
exporter of high-Btu bituminous thermal and crossover metallurgical
coal. It owns and operates some of the most productive longwall
mining operations in the Northern Appalachian Basin. Our flagship
operation is the Pennsylvania Mining Complex, which has the
capacity to produce approximately 28.5 million tons of coal per
year and is comprised of 3 large-scale underground mines:
Bailey, Enlow Fork, and Harvey. The company also owns and operates
the CONSOL Marine Terminal, which is located in the port of
Baltimore and has a throughput
capacity of approximately 15 million tons per year. In addition to
the ~669 million reserve tons associated with the Pennsylvania
Mining Complex and the ~21 million reserve tons associated with the
Itmann project, the company also controls approximately 1.5 billion
tons of greenfield thermal and metallurgical coal reserves located
in the major coal-producing basins of the eastern United States. Additional information
regarding CONSOL Energy may be found at www.consolenergy.com.
About CONSOL Coal Resources LP
CONSOL Coal Resources (NYSE: CCR) is a master limited
partnership formed in 2015 to manage and further develop all of
CONSOL Energy Inc.'s (NYSE: CEIX) active coal operations in
Pennsylvania. CCR's assets include a 25% undivided interest
in, and operational control over, the Pennsylvania Mining
Complex, which consists of three underground mines - Bailey, Enlow
Fork and Harvey - and related infrastructure. For its ownership
interest, CCR has an effective annual production capacity of 7.1
million tons of high Btu North Appalachian thermal coal. More
information is available on our website www.ccrlp.com.
Contacts:
Investor:
Nathan Tucker, (724) 416-8336
nathantucker@consolenergy.com
Media:
Zach Smith, (724) 416-8291
zacherysmith@consolenergy.com
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the federal securities laws. With
the exception of historical matters, the matters discussed in this
press release are forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) that
involve risks and uncertainties that could cause actual results to
differ materially from projected results. Accordingly, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. The forward-looking statements may
include projections and estimates concerning the timing and success
of specific projects and our future production, revenues, income
and capital spending. When we use the words "anticipate,"
"believe," "could," "continue," "estimate," "expect," "intend,"
"may," "plan," "predict," "project," "should," "will," or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe strategy that involves risks or uncertainties, we are
making forward-looking statements. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. Specific risks, contingencies and uncertainties are
discussed in more detail in our filings with the Securities and
Exchange Commission. The forward-looking statements in this press
release speak only as of the date of this press release and CEIX
disclaims any intention or obligation to update publicly any
forward-looking statements, whether in response to new information,
future events, or otherwise, except as required by applicable
law.
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SOURCE CONSOL Energy Inc.; CONSOL Coal Resources LP