PITTSBURGH, Sept. 18, 2017 /PRNewswire/ -- CONSOL
Energy Inc. (NYSE: CNX) announced today that the Pennsylvania
Department of Environmental Protection (DEP) is requiring more time
to evaluate the approval of the Bailey mine permit for the 4L
panel, and as a result, the company has decided to move the
longwall to another panel in order to resume operations. The
company expects the longwall move to last approximately four weeks
and is implementing several measures in order to mitigate the
production impact from this delay. These measures include working
additional unscheduled shifts at the remaining four longwalls,
compared to the previous five and a half day schedule. This
operating schedule change will also allow the company to meet its
customers' needs and to immediately recall some of the previously
furloughed workers.
As a result of increasing the operating schedule to offset the
production impact from the longwall move delay, the company
reaffirms previously stated full-year 2017 guidance for the
Pennsylvania Mining Complex: 25.6-27.6 million tons and total coal
capital expenditures of $112-$120
million. Also, the company reaffirms previously stated
full-year 2017 adjusted EBITDA attributable to CONSOL Energy of
approximately $345 million, which is
included in the expected 2017 total company adjusted EBITDA of
$815 million.
The company continues to work closely with the necessary
agencies to obtain operating permits, which allow for continuity of
longwall mining operations. The Pennsylvania Mining Complex
operates five total longwalls with approved permits as far out as
ten years in advance.
About CONSOL Energy
CONSOL Energy Inc. (NYSE: CNX) is
a Pittsburgh-based energy
producer, and one of the largest independent natural gas
exploration, development and production companies, with operations
centered in the major shale formations of the Appalachian basin.
The company deploys an organic growth strategy focused on
developing its substantial resource base. As of December 31, 2016, CONSOL Energy had 6.3 trillion
cubic feet equivalent of proved natural gas reserves. CONSOL Energy
is a member of the Standard & Poor's Midcap 400 Index.
Additional information may be found at www.consolenergy.com.
Cautionary Statements
Various statements in this release, including those that express
a belief, expectation or intention, may be considered
forward-looking statements under federal securities laws including
Section 21E of the Securities Exchange Act of 1934 (the "Exchange
Act") 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
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project," "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. The forward-looking statements
in this press release, if any, speak only as of the date of this
press release; we disclaim any obligation to update these
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. These risks, contingencies and
uncertainties relate to, among other matters, the following:
uncertainties as to the timing and manner of the separation
(whether by sale or spin-off) and whether it will be completed
(including any dropdowns of the coal business); the possibility
that various closing conditions for the separation may not be
satisfied; the impact of the separation on our business; the
expected tax treatment of the separation; the risk that the coal
and natural gas exploration and production businesses will not be
separated successfully or such separation may be more difficult,
time-consuming or costly than expected, which could result in
additional demands on our resources, systems, procedures and
controls, disruption of our ongoing business and diversion of
management's attention from other business concerns; competitive
responses to the separation; deterioration in economic conditions
in any of the industries in which our customers operate may
decrease demand for our products, impair our ability to collect
customer receivables and impair our ability to access capital;
prices for natural gas, natural gas and other liquids and coal are
volatile and can fluctuate widely based upon a number of factors
beyond our control including oversupply relative to the demand
available for our products, weather and the price and availability
of alternative fuels; an extended decline in the prices we receive
for our natural gas, natural gas liquids and coal affecting our
operating results and cash flows; foreign currency fluctuations
could adversely affect the competitiveness of our coal and natural
gas liquids abroad; our customers extending existing contracts or
entering into new long-term contracts for coal on favorable terms;
our reliance on major customers; our inability to collect payments
from customers if their creditworthiness declines or if they fail
to honor their contracts; the disruption of rail, barge, gathering,
processing and transportation facilities and other systems that
deliver our natural gas, natural gas liquids and coal to market; a
loss of our competitive position because of the competitive nature
of the natural gas and coal industries, or a loss of our
competitive position because of overcapacity in these industries
impairing our profitability; coal users switching to other fuels in
order to comply with various environmental standards related to
coal combustion emissions; the impact of potential, as well as any
adopted environmental regulations including any relating to
greenhouse gas emissions on our operating costs as well as on the
market for natural gas and coal and for our securities; the risks
inherent in natural gas and coal operations, including our reliance
upon third party contractors, being subject to unexpected
disruptions, including geological conditions, equipment failure,
timing of completion of significant construction or repair of
equipment, fires, explosions, accidents and weather conditions
which could impact financial results; decreases in the availability
of, or increases in, the price of commodities or capital equipment
used in our mining and transportation operations; obtaining and
renewing governmental permits and approvals for our natural gas and
coal operations; the effects of government regulation on the
discharge into the water or air, and the disposal and clean-up of,
hazardous substances and wastes generated during our natural gas
and coal operations; our ability to find adequate water sources for
our use in natural gas drilling, or our ability to dispose of water
used or removed from strata in connection with our natural gas
operations at a reasonable cost and within applicable environmental
rules; the effects of stringent federal and state employee health
and safety regulations, including the ability of regulators to shut
down our operations; the potential for liabilities arising from
environmental contamination or alleged environmental contamination
in connection with our past or current natural gas and coal
operations; the effects of mine closing, reclamation, gas well
closing and certain other liabilities; uncertainties in estimating
our economically recoverable natural gas, oil and coal reserves;
defects may exist in our chain of title and we may incur additional
costs associated with perfecting title for natural gas and coal
rights on some of our properties or failing to acquire these
additional rights may result in a reduction of our estimated
reserves; the outcomes of various legal proceedings, which are more
fully described in our reports filed under the Securities Exchange
Act of 1934; exposure to employee-related long-term liabilities;
acquisitions and divestitures we anticipate may not occur or
produce anticipated benefits; our participation in joint ventures
may restrict our operational and corporate flexibility, and actions
taken by a joint venture partner may impact our financial position
and operational results; risks associated with our debt; replacing
our natural gas and oil reserves, which if not replaced, will cause
our natural gas and oil reserves and production to decline;
declines in our borrowing base could occur for a variety of
reasons, including lower natural gas or oil prices, declines in
natural gas and oil proved reserves, and lending regulations
requirements or regulations; our hedging activities may prevent us
from benefiting from near-term price increases and may expose us to
other risks; changes in federal or state income tax laws,
particularly in the area of percentage depletion and intangible
drilling costs, could cause our financial position and
profitability to deteriorate; failure to appropriately allocate
capital and other resources among our strategic opportunities may
adversely affect our financial condition; failure by Murray Energy
to satisfy liabilities it acquired from us, or failure to perform
its obligations under various arrangements, which we guaranteed,
could materially or adversely affect our results of operations,
financial position, and cash flows; information theft, data
corruption, operational disruption and/or financial loss resulting
from a terrorist attack or cyber incident; operating in a single
geographic area; certain provisions in our multi-year coal sales
contracts may provide limited protection during adverse economic
conditions, and may result in economic penalties or permit the
customer to terminate the contract; a majority of our common units
in CNX Coal Resources LP and CONE Midstream Partners LP are
subordinated, and we may not receive distributions from CNX Coal
Resources LP or CONE Midstream Partners LP; with respect to the
sale of the Buchanan and Amonate mines and other coal assets to
Coronado IV LLC - disruption to our business, including customer,
employee and supplier relationships resulting from this
transaction, and the impact of the transaction on our future
operating results; with respect to the termination of the joint
venture with Noble - disruption to our business, including customer
and supplier relationships resulting from this transaction, and the
impact of the transaction on our future operating and financial
results and liquidity; other factors discussed in the 2016 Form
10-K under "Risk Factors," as updated by any subsequent Form 10-Qs,
which are on file at the Securities and Exchange Commission. We
disclaim any 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.