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Q1 2016 Earnings Call – Consol Energy Inc.

Consol Energy Inc. · Apr 28, 2016 · 21 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. Q1 2016 Earnings Call – Consol Energy Inc. – slide 1
    Earnings Conference Call Q1 2016
  2. Q1 2016 Earnings Call – Consol Energy Inc. – slide 2
    Q1 2016 Review CONSOL Energy: First Quarter 2016 Results Adjusted net loss2 attributable to continuing operations in the 2016 first quarter of 16 million, or (0.07) per diluted share - Excludes the following pre-tax items: 29.3…
  3. Q1 2016 Earnings Call – Consol Energy Inc. – slide 3
    Q1 2016 Review CONSOL Energy: Net (Decrease)/Increase in Cash Improving on solid liquidity position Net debt reduced by 445 million as of Q1 2016 quarter-end Focus on positive free cash flow - Both E&P and Coal Divisions projected…
  4. Q1 2016 Earnings Call – Consol Energy Inc. – slide 4
    Q1 2016 Review Buchanan (VA Operations) Asset Sale Sold Buchanan metallurgical coal mine to Coronado IV LLC (EMG backed) for a total transaction value of 460 million Cash proceeds at closing of 403 million (before expenses) Remaining…
  5. Q1 2016 Earnings Call – Consol Energy Inc. – slide 5
    Q1 2016 Review E&P Division: Q1 2016 Results Summary Y/Y Q-to-Q Seq. Q-to-Q E&P Division 1Q2016 1Q2015 Change 1Q2016 4Q2015 Change (1) Average Sales Price ( / Mcfe) 2.73 3.56 (0.83) 2.73 2.78 (0.05) (2) Average Costs ( / Mcfe) 2.41…
  6. Q1 2016 Earnings Call – Consol Energy Inc. – slide 6
    E&P Operations - Benchmarking vs Peers Full-cycle Breakeven Operating Metrics Declined from 3.51 To 2.00 Per Mcfe, a 43% decline 4.00 Hired Tim Dugan to run E&P operations 3.50 3.00 1.17 1.11 2.50 0.82 2.00 Cash OpEx 0.84…
  7. Q1 2016 Earnings Call – Consol Energy Inc. – slide 7
    Q1 2016 Review Strong Liquidity Position of 1.3 Billion Amount/ Amount Letters Amount March 31, 2016 ( in million) Capacity Drawn of Credit Available Cash and Cash Equivalents(1) 418 - - 418 Revolving Credit Facility(2) 2,000 852 286…
  8. Q1 2016 Earnings Call – Consol Energy Inc. – slide 8
    E&P Marketing Q1 2016 Gas Realization and Marketing Highlights CONSOL basin exports are projected to increase approximately 73,000 Dth /day for FY 2016 over FY 2015 as TETCOs U2GC and TEAM OPEN projects were put into service in late…
  9. Q1 2016 Earnings Call – Consol Energy Inc. – slide 9
    E&P Operations E&P Division: Lifting costs CONSOL Operated Lifting Costs, 2015 to 2016E 0.40 0.07 (0.03) 0.35 (0.02) (0.01) 0.30 (0.01) (0.02) 0.30 0.29 0.25 / Mcfe 0.20 0.15 0.10 0.05 - 2015 Direct Admin &…
  10. Q1 2016 Earnings Call – Consol Energy Inc. – slide 10
    E&P Operations E&P Division: Q1 2016 Operations Summary Marcellus Shale Quarterly Summary Utica Shale Quarterly Summary Avg. TIL Turned Turned Avg. TIL Sub- Horizontal Lateral Sub- Horizontal Drilled Completed In Line Counties…
  11. Q1 2016 Earnings Call – Consol Energy Inc. – slide 11
    E&P Operations 2016 Planned E&P Activity Overview E&P Activity Summary 2016 Plan Drilled Drilled 2016 2016 Uncompleted Completed Completions TIL's Inventory Inventory Remaining Remaining Marcellus SW PA Operated 18 17 6 23 SW PA…
  12. Q1 2016 Earnings Call – Consol Energy Inc. – slide 12
    Dry Utica: Gaut 4IH Westmoreland County, PA Flow Rate Mcf/Day Casing Pressure 30,000 10,000 9,000 25,000 8,000 7,000 20,000 6,000 15,000 5,000 4,000 10,000 3,000 2,000 5,000 1,000 0 0 9/25/2015 10/25/2015 11/25/2015…
  13. Q1 2016 Earnings Call – Consol Energy Inc. – slide 13
    Dry Utica: Switz 6 Pad Monroe County, OH 50,000 6D Gas Rate (Mcf/d) 6D Casing Pressure (psig) 45,000 6F Gas Rate (Mcf/d) 6F Casing Pressure (psig) 6H Gas Rate (Mcf/d) 6H Casing Pressure (psig) 40,000 35,000 30,000 25,000…
  14. Q1 2016 Earnings Call – Consol Energy Inc. – slide 14
    E&P Operations - Benchmarking vs Peers Beginning to outperform peers on growth and unit cost performance E&P Production Volumes Indexed Production Growth 450 260 Production by Area 400 15% 2015A 2016E 240 350 Marcellus 51% 54%…
  15. Q1 2016 Earnings Call – Consol Energy Inc. – slide 15
    Risk Management: Commodity Hedges Gas Hedges 280 Physical Sales With Fixed Basis Exposed to NYMEX E&P Hedge Program: 260 NYMEX Only Hedges Exposed to Basis Program and actively 240 NYMEX + Basis (1) monitored hedges 220 200 Gas…
  16. Q1 2016 Earnings Call – Consol Energy Inc. – slide 16
    Guidance E&P Segment Guidance 2016E Production Volumes: Natural Gas (Bcf) 335 NGLs (MBbls) 6,000 Oil (MBbls) 65 Condensate (MBbls) 1,000 Total Production (Bcfe) +15% Natural Gas Basis Differential to NYMEX (/Mcf) (0.35) -…
  17. Q1 2016 Earnings Call – Consol Energy Inc. – slide 17
    Guidance Coal Segment Guidance 2016E Estimated Total Consolidated Coal Division Sales Volumes (in millions of tons) 23.9 - 27.4 Total Volumes Sold 25.0 % Committed 98% Total Consolidated Coal Division Capital Expenditures ( in…
  18. Q1 2016 Earnings Call – Consol Energy Inc. – slide 18
    Key Takeaways Plans and Goals Aligned to Drive Increased Valuation Milestones: Improving E&P performance from high-grading activities, improving completion techniques, reducing cycle times, and service cost deflation Benefits from…
  19. Q1 2016 Earnings Call – Consol Energy Inc. – slide 19
    Appendix Non-GAAP Reconciliation: Quarter-over-Quarter EBITDA and Adj. EBITDA Three Months Ended March 31 2016 2016 2016 2016 2015 E&P Coal Total Total ( in thousands) Other Division Division Company Company Net (Loss)/Income…
  20. Q1 2016 Earnings Call – Consol Energy Inc. – slide 20
    Appendix Non-GAAP Reconciliation: Trailing Twelve Months EBITDA and Adj. EBITDA Three Months Ended Three Months Ended Three Months Ended Three Months Ended Twelve Months Ended June 30 September 30 December 31 March 31 March 31 ( in…
  21. Q1 2016 Earnings Call – Consol Energy Inc. – slide 21
    Appendix Free Cash Flow Reconciliation Three Months Ended March 31 2016 Organic Free Cash Flow From Continuing Operations: Net Cash provided by Continuing Operations 119,808 Capital Expenditures (78,968) Net Investment in…

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