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Consol Energy announces 4Q15 results

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World Coal,

Consol Energy Inc. has released its 4Q15 results, stating a net income attributable to Consol Energy shareholders of US$30 million for the quarter, or US$0.13 per diluted share.

Earnings before deducting net interest expense (interest expense less interest income), income taxes and depreciation, depletion and amortisation (EBITDA), attributable to Consol Energy shareholders was US$363 million for the 2015 fourth quarter.

After adjusting for certain unusual items, which are listed in the EBITDA reconciliation table, the company had an adjusted net loss in the 2015 fourth quarter of US$26 million, or US$0.11 per share. Adjusted EBITDA1 attributable to Consol Energy shareholders was US$206 million for the 2015 fourth quarter. Cash flow from operations in the just-ended quarter was US$102 million.

"Consol continues to control the controllables in a commodity price and energy environment that is unprecedented," commented Nicholas J. DeIuliis, President and CEO. "Specifically, Consol continues to adapt to the challenging commodity environment by further driving down costs, illustrated by the E&P Division reducing total unit cash costs by over 25% year-over-year. For the Coal Division, Pennsylvania Operations (PA) set new levels of cost performance, and the Buchanan Mine, again, posted impressive total unit costs. In addition to the substantial cost performance, recently, we announced that we are exerting production discipline on both the E&P and Coal sides of our business. For E&P, specifically, we reduced our 2016 capital budget by an additional US$185 million, while scaling back production growth to approximately 15%, over 2015 volumes. For the Coal Division, we have also optimised production schedules to better align with customers' delivery schedules to help manage high inventory levels, due to the lack of demand from a mild start to the winter. The company also continues to position itself to capitalise on what we believe to be an industry leading dry Utica acreage position and initial well results, as demonstrated by showcasing three of the top ten dry Utica wells across the industry, to-date."

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