CONSOL Energy (CNX) Misses Q2 EPS by 2c

CONSOL Energy (NYSE: CNX) reported Q2 EPS of ($0.21), $0.02 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $285.8 million versus the consensus estimate of $563.44 million.

"During the quarter, CONSOL drove down E&P unit costs by 18%, compared to the prior-year quarter, generated $46 million in organic free cash flow from continuing operations1, paid down approximately $390 million in debt, and increased estimated ultimate recoveries (EURs) in its prolific Marcellus Shale Green Hill field to 3.0-3.5 Bcfe," commented Nicholas J. DeIuliis, president and CEO. "These accomplishments not only helped us exceed our internal 18-month free cash flow plan, but also drove our NAV per share and liquidity position higher. As a result, we have made the decision to employ a two-rig program in the second half of 2016 since expected rates of return nicely exceed our cost of capital, while supporting our free cash flow plan and liquidity goals. Despite the decision to resume modest drilling activity, which will add approximately $25 million of capital expenditures in 2016, CONSOL expects the annual E&P Division capital budget to decrease to $190-$205 million due to continued capital efficiency improvements. CONSOL's main focus remains staying disciplined on deploying capital in order to grow our NAV per share."

For earnings history and earnings-related data on CONSOL Energy (CNX) click here.

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