05.09.2017 12:57:45
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CONSOL Energy Updates Guidance; Board Approves Share Buyback - Quick Facts
(RTTNews) - CONSOL Energy Inc. (CNX) announced the company now expects 2017 adjusted EBITDA guidance to be approximately $815 million, which is a decrease of $55 million from the previously stated guidance. The company now expects 2017 leverage to be approximately 2.8x net debt to EBITDA, which is an increase of 0.2x from previously stated guidance.
CONSOL Energy decreased its 2017 E&P Division production guidance to approximately 405-415 Bcfe, compared to the previously stated guidance of 420-440 Bcfe. For the third quarter of 2017, the company expects production of approximately 100 Bcfe, which implies higher growth in the fourth quarter, driven in part by the well turn-in-line schedule peaking in November. The company maintained previously announced 2017 total E&P capital expenditures guidance of approximately $620-$645 million. Also, the company maintained the previously announced 2018 E&P Division production guidance of approximately 520-550 Bcfe, or approximately 30% growth compared to 2017 based on the midpoint of the guidance ranges.
CONSOL Energy's Board has approved a one-year share repurchase program of up to $200 million. The Board will continue to evaluate the size of the stock repurchase program based on CONSOL's free cash flow position, leverage ratio, and capital plans.
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