CONSOL Energy Q2 Loss Widens - Quick Facts

(RTTNews) - CONSOL Energy Inc. (CNX) reported a second-quarter net loss of $603 million or $2.64 per share compared to a net loss of $25 million, or $0.11 per share, previous year. The company noted that its net loss for the quarter included a significant unusual item: an $829 million pre-tax impairment in the carrying value of CONSOL's shallow oil and natural gas assets largely due to the continuation of depressed NYMEX forward prices. After adjusting for certain unusual items, the company had an adjusted net loss in the 2015 second quarter of $84 million, or $0.37 per share. Adjusted EBITDA was $138 million compared to $246 million, a year ago.

On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.01 for the quarter. Analysts' estimates typically exclude special items.

Total revenue and other income was $648.94 million compared to $937.37 million, prior year. Analysts expected revenue of $798.59 million for the quarter.

CONSOL's E&P Division achieved record production of 75.5 Bcfe, or an increase of 45% from the 51.9 Bcfe produced in the year-earlier quarter.

CONSOL Energy's annual gas production guidance remains at 30% growth for 2015 and 20% for 2016. CONSOL lowered its 2015 E&P capital expenditures (CAPEX) forecast to $800 million, which is $120 million lower than the previous guidance. Te company intends to significantly reduce E&P capital in 2016 to approximately $400 - $500 million depending on natural gas prices.