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Q2 2013 Earnings Call – Consol Energy Inc.

Consol Energy Inc. · Jul 25, 2013 · 20 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2013 Earnings Call – Consol Energy Inc. – slide 1
    Second Quarter 2013 Earnings Call July 25, 2013
  2. Q2 2013 Earnings Call – Consol Energy Inc. – slide 2
    Second Quarter 2013 Results Summary Operations posted results in line with previous guidance - Buchanans low-cost position presented new sales opportunities during the quarter in China and India, which enabled CONSOL to operate the…
  3. Q2 2013 Earnings Call – Consol Energy Inc. – slide 3
    Coal Division Summary Q-to-Q Coal Division 2Q2013 2Q2012 Change Average Sales Price (/ton) 62.74 65.58 (2.84) Average Costs (/ton) 51.87 52.04 (0.17) Coal Production (millions of tons) 13.8 14.5 (0.7) Sales Volumes (millions of…
  4. Q2 2013 Earnings Call – Consol Energy Inc. – slide 4
    Gas Division Summary Q-to-Q Gas Division 2Q2013 2Q2012 Change Average Sales Price (/Mcfe) 4.46 3.98 0.48 Average Costs (/Mcfe) 3.77 3.34 0.43 Sales Volumes (Bcfe) 38.6 37.3 1.3 Sales Volumes (Bcfe) by Categories CBM 20.8 22.3…
  5. Q2 2013 Earnings Call – Consol Energy Inc. – slide 5
    CONSOL Energy Overview Net (Decrease) / Increase in Cash - MM Goal is to maintain our strong liquidity position Q-to-Q Cash Flow Summary 2Q2013 2Q2012 Change Net Cash Provided by Operations 125 138 (13) Capital Expenditures…
  6. Q2 2013 Earnings Call – Consol Energy Inc. – slide 6
    Strong Liquidity Position of 2.2 Billion Cash on hand of 72 million Accounts receivable securitization and revolving credit facilities of 2.2 billion Amount/ Amount Letters Amount June 30, 2013 (MM) Capacity Drawn of Credit…
  7. Q2 2013 Earnings Call – Consol Energy Inc. – slide 7
    Revolving Credit Facilities Debt Covenants CONSOL Energy and CNX Gas currently maintain strong leverage ratios Both facilities are well within debt covenants June 30, Debt Covenants Limit 2013 CONSOL Energy Revolver: Maximum…
  8. Q2 2013 Earnings Call – Consol Energy Inc. – slide 8
    Gas Division Production Results (in Bcfe) Gas Production 210.0 - 225.0 225 200 170.0 - 175.0 175 153.5 156.3 150 127.9 125 100 94.4 76.6 75 56.1 58.2 44.5 48.6 48.4 50 25 0 2003 2004 2005 2006 2007 2008 2009…
  9. Q2 2013 Earnings Call – Consol Energy Inc. – slide 9
    CONSOL Cost Metrics (per Mcfe) Gas: Operating Costs per MMcf (in US Dollars) 6.5 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 CBM Marcellus Shallow Oil…
  10. Q2 2013 Earnings Call – Consol Energy Inc. – slide 10
    Drilling Results and Forecast Formation Region 2011 2012 1Q2013 2Q2013 2013E Coalbed Methane Virginia 214 44 17 24 65 Total Shales: (Gross) 78 99 28 30 144 Marcellus Shales Central PA 19 13 5 0 10 Southwest PA (incl. NBL) 50 70 20 19…
  11. Q2 2013 Earnings Call – Consol Energy Inc. – slide 11
    Pension Plan/OPEB Sensitivity To Rising Interest Rates 12/31/2012 Disclosures Discount Rate Increase ( in millions) 2013 Expense 85 Basis Points 200 Basis Points PBGC Lump Sum Interest Rate 0.75% 1.75% 3.00% Liability 893.1 (53 -…
  12. Q2 2013 Earnings Call – Consol Energy Inc. – slide 12
    Brett Harvey: Key Points Summary Our strategy remains focused on four main concepts: 1. Coal capital expenditure growth has been completed and we revert to a 5 - 6 per ton maintenance capital level 2. We do not intend to pursue…
  13. Q2 2013 Earnings Call – Consol Energy Inc. – slide 13
    Brett Harvey: Key Points Asset Monetization Process Proceeding CONSOL has a monetization process in place to evaluate several assets this year as long as fair value is received: CONSOL is evaluating monetizing core assets such as…
  14. Q2 2013 Earnings Call – Consol Energy Inc. – slide 14
    CONSOL Energy Overview Summary Coal and gas operations are long-lived, low-cost, and provide solid growth Our well-capitalized assets and highly trained personnel provide more consistent operational execution Our emphasis on safety…
  15. Q2 2013 Earnings Call – Consol Energy Inc. – slide 15
    Appendix
  16. Q2 2013 Earnings Call – Consol Energy Inc. – slide 16
    Appendix Marketing 3Q13 and 2013 Forecasts 2013 Coal Sales Facts and Goals Sales Tons by Product Contracted tons for 2013: 99% Year 2013 - Priced: More than 97% - Unpriced: Less than 3% (primarily met coal) 0% Approximately 77% of…
  17. Q2 2013 Earnings Call – Consol Energy Inc. – slide 17
    Appendix Coal Capital Expenditure 10 year History ( MM) 1,000 993 25% 900 20% 800 707 681 677 700 15% 580 600 489 500 446 410-520 10% 415 400 317 5% 300 203 200 0% 100 0 (5%) 2003 2004 2005 2006 2007 2008 2009…
  18. Q2 2013 Earnings Call – Consol Energy Inc. – slide 18
    Appendix BMX Mine Overview BMX Mine completion: April 2014 - Lowest cost CNX mine 19
  19. Q2 2013 Earnings Call – Consol Energy Inc. – slide 19
    Appendix Our Domestic Coal Market Remains Solid PJM Coal Inventory Trailing 12 Months 5 Year Average 30 25 20 Tons (MM) 15 10 5 - Aug 12 Nov 12 Feb 13 May 13 Source: EIA, PIRA, and CONSOL analysis. 20
  20. Q2 2013 Earnings Call – Consol Energy Inc. – slide 20
    Appendix CONSOL-Operated Wells: Marcellus Drilling and Completions Summary Drilling Summary 2011 2012 2013 YTD Wells TD'd 78 64 21 Lateral Ft 300,466' 328,428' 150,638' Total MD 922,264' 794,098' 315,984' Average Lateral 3,853' 5,514'…

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