CONSOL Energy Inc. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Production Guidance for the First Quarter and Year of 2013; Provides Coal Capital Expenditure Forecast for 2013
January 31, 2013 at 05:30 pm IST
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CONSOL Energy Inc. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income attributable to company shareholders of $149.9 million, or $0.65 per diluted share, compared to $195.6 million, or $0.85 per diluted share from the year-earlier quarter. Total revenue and other income was $1,388.96 million compared to $1,542.2 million, earnings before income taxes was $198.46 million compared to $237.7 million, net cash provided by operating activities was $197.97 million compared to $275.2 million and capital expenditures was $423.21 million compared to $384.91 million for the last year. Adjusted EBITDA was $419.0 million, down from $439.7 million in the year-earlier quarter.
For the year, the company reported net income attributable to company shareholders of $388.5 million, or $1.70 per diluted share, compared to $632.5 million, or $2.76 per diluted share for 2011. Total revenue and other income was $5,430.3 million compared to $6,117.2 million, earnings before income taxes was $497.3 million compared to $787.95 million, net cash provided by operating activities was $728.1 million compared to $1,527.6 million and capital expenditures was $1,575.2 million compared to $1,382.4 million for the last year.
The company expects its net gas production to be between 170-180 Bcfe (net to CONSOL) for 2013.
For the first quarter of 2013 gas production, net to CONSOL, is expected to be approximately 39 - 41 Bcfe, as fracking schedules and other seasonal factors are expected to limit wells turned online. Total hedged gas production in the 2013 first quarter is 17.0 Bcf, at an average price of $4.66 per Mcf.
The company expects that coal capital expenditure forecast for 2013 will decrease to a range of $410 million to $520 million versus the $920 million for 2012.
CNX Resources Corporation is an independent low carbon intensity natural gas development, production, midstream and technology company centered in the Appalachian Basin. The majority of its operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale, in Pennsylvania, Ohio and West Virginia. Additionally, it operates and develops Coalbed Methane (CBM) properties in Virginia. It has rights to extract natural gas from Shale formations in Pennsylvania, West Virginia, and Ohio from approximately 527,000 net Marcellus Shale acres and approximately 607,000 net Utica Shale acres. The Company holds approximately 53,000 acres of incremental Upper Devonian acres. It has rights to extract CBM in Virginia from approximately 278,000 net CBM acres. It extracts CBM natural gas primarily from the Pocahontas #3 seam. It has rights to extract natural gas from other Shale and shallow oil and gas formations, primarily in Illinois, Indiana, New York, and others.
CONSOL Energy Inc. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Production Guidance for the First Quarter and Year of 2013; Provides Coal Capital Expenditure Forecast for 2013