CONSOL Energy Q2 Net Loss Widens; Announces Cash Tender Offer - Quick Facts

(RTTNews) - CONSOL Energy Inc. (CNX), a Pittsburgh-based producer of natural gas and coal, reported Tuesday a net loss attributable to the shareholders of $24.94 million or $0.11 per share for the second quarter, compared to a net loss of $12.53 million or $0.05 per share last year.

The company incurred non-cash charges in the quarter, partly offset by gain. Excluding these items, adjusted net income was $16 million.

On average, 21 analysts polled by Thomson Reuters expected earnings of $0.25 per share. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $246 million, compared to $181 million in the year-earlier quarter. Cash flow from operations was $221 million, compared to $125 million in the year-earlier quarter.

Total revenue and other income increased to $937.37 million from $828.17 million a year ago. Analysts expected revenues of $923.28 million. The company incurred $74.3 million in expense related to the early extinguishment of debt due to the purchase of all the 8.00 percent senior notes that were due 2017.

Production was 51.9 Bcfe, or an increase of 34 percent from the 38.6 Bcfe produced in the year-earlier quarter. Average realized prices was $4.44 per Mcfe.

Separately, CONSOL Energy announced that it has commenced a modified "Dutch Auction" cash tender offer to purchase up to $200 million principal amount of its 8.25 percent senior notes due 2020. The Tender Offer will expire on August 25.

Also, the company announced that it intends, subject to market and other conditions, to offer and sell to eligible purchasers an additional $200 million of its 5.875 percent senior notes due 2022. CONSOL initially offered and sold $1.6 billion aggregate principal amount of notes of the same series on April 16.