CONSOL Energy, once up a time a coal company that is now a natural gas driller, issued its first quarter 2016 update yesterday. CONSOL lost $97.6 million in 1Q16, nearly half of it coming from the Bailey Mine coal complex in southwestern PA. Another $29.3 million of the loss came from commodity derivative investments. And $12.6 million of the loss came from the sale of a gathering pipeline. Revenue was $558.5 million in 1Q16, down 30% from 1Q15. Natural gas revenue dropped 19% in 1Q16 while coal revenue fell 40%. On the positive side of the ledger, CONSOL’s natural gas production hit a new record high of 97.5 billion cubic feet equivalent (Bcfe), and CONSOL’s banks reaffirmed the company’s $2 billion borrowing base. Here’s the update…
CONSOL Energy, once up a time a coal company that is now a natural gas driller, issued its first quarter 2016 update yesterday. CONSOL lost $97.6 million in 1Q16, nearly half of it coming from the Bailey Mine coal complex in southwestern PA. Another $29.3 million of the loss came from commodity derivative investments. And $12.6 million of the loss came from the sale of a gathering pipeline. Revenue was $558.5 million in 1Q16, down 30% from 1Q15. Natural gas revenue dropped 19% in 1Q16 while coal revenue fell 40%. On the positive side of the ledger, CONSOL’s natural gas production hit a new record high of 97.5 billion cubic feet equivalent (Bcfe), and CONSOL’s banks reaffirmed the company’s $2 billion borrowing base. Here’s the update…