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2Q 2017 Earnings Update – Consol Energy Inc.

Consol Energy Inc. · Aug 1, 2017 · 22 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. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 1
    EARNINGS RESULTS SECOND QUARTER 2017
  2. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 2
    Executive Summary: Q2 2017 vs. Q1 2017 Q2 2017 Q1 2017 Q/Q DRIVERS GUIDANCE Accelerated drilling cycle times due to operational TD Well Count 2017E 34 25 +9 efficiencies 2018 TIL schedule pulled forward creating more Production…
  3. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 3
    Q2 2017 Results On a GAAP basis, Net Income Attributable to CONSOL Energy Shareholders of 170 million in the 2017 second quarter or 0.73 per diluted share; Adjusted Net Income Attributable to CONSOL Energy Shareholders of 39 million,…
  4. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 4
    Q2 2017 Results (Contd) Net Increase/(Decrease) in Cash Generated positive free cash flow - Total free cash flow in Q2 2017 of 273 million compared to 66 million in Q2 2016 - Repurchased 19 million of 2022 bonds at average price of…
  5. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 5
    Deleveraging Progress Leverage ratio down approximately 40% since 2015 peak 6.0x 2,500 Net Debt / TTM Adj. EBITDA 5.0x Total Liquidity ( millions) 2,000 4.0x 3.0x 1,500 3.0x 2.6x (1) 1,000 2.0x 1.0x 500 0.0x -…
  6. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 6
    Coal Legacy Liabilities Significant legacy liability reductions over Balance Sheet Liability Long-Term Liability Guidance past three years: 6/30/2017 FY 2017E FY 2018E LTD 18 Miller Creek/Fola transaction drove WC 78 substantial…
  7. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 7
    Marketing: Gas Hedges 350 Gas Hedges 2017-2021 5.4 21.1 300 Gas Volumes Hedged (Bcf) 250 30.6 200 150 309.8 308.0 21.7 100 200.0 50 120.2 - 0 25.3 Approximately 73% of total 2017E 2017 2018 2019 2020 2021 production…
  8. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 8
    Segment Guidance E&P Segment Guidance 2017E PA Mining Operations Consolidated 100% Basis 2017E Production Volumes: Coal Sales Volumes: Natural Gas (Bcf) 380-400 Total Coal Sales Volumes (millions of tons) 25.6-27.6 NGLs (MBbls)…
  9. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 9
    Updated 2017E EBITDA Guidance Current Prior PA Mining ( in millions) E&P(1) Other Total Total Operations (8/1/17) (5/2/17) Earnings Before Interest, Taxes and DD&A 665 410 (20) 1,055 1,095 (EBITDA) Adjustments: Unrealized…
  10. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 10
    Operations: E&P Results Summary Y/Y Q/Q 2Q 2017 2Q 2016 Change 2Q 2017 1Q 2017 Change (1) Average Sales Price (/Mcfe) 2.47 2.50 (0.03) 2.47 2.85 (0.38) (2) Total Production Costs (/Mcfe) 2.20 2.27 (0.07) 2.20 2.32 (0.12) Sales…
  11. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 11
    Operations: E&P Activity Summary SWPA SWPA WV OH CPA Q2 2017 Summary Marcellus Upper Devonian Marcellus Dry Utica Dry Utica TOTAL Horizontal Rigs 2 Drilled - - - 5 2 7 Completed 5 1 3 6 - 15 Turned In Line (TIL) 1 - 5 - - 6 Avg.…
  12. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 12
    Operations: Aikens Drilling Update Aikens wells offsetting Gaut 4IH show Aikens 5J and 5M vs. Gaut 4IH: Days vs. Depth Drilled 173% improvement in feet drilled/day Days Aikens 5J drilled in 43 days and 5M drilled 0 20 40 60 80 100…
  13. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 13
    Operations: Richhill Type Curve Change and EUR Increase Richhill, SWPA Marcellus Richhill-23D and 23E: Actual Production vs. Decline Curve EUR increasing 20%, from 1.9 100,000 BCF/1000, to 2.2 BCF/1000 RHL-23D and 23E compared to…
  14. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 14
    APPENDIX 15
  15. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 15
    Appendix: Q2 2017 E&P Marketing Highlights Began long-term physical sales with Natural Gas Price Reconciliation customers on East Tennessee 2017 2016 - Protects basis in a premium market Q2 Q2 - Allows CONSOL to forego 80,000…
  16. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 16
    Appendix: Gas Hedges (Contd) Physical Fixed Basis and Fixed Price Sales(1) Q3 2017 2017 2018 2019 2020 2021 Physical Fixed Basis Sales Volumes (Bcf) 14.2 59.2 89.4 84.6 40.2 9.6 Average Basis Prices (/Mcf) (0.16) 0.01 0.14 (0.01)…
  17. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 17
    Appendix: Natural Gas Sales Market Mix MIDWEST TETCO M3 DOMINION SOUTH TCO POOL TETCO M2 EAST TENNESEE Natural Gas Sales Market Mix 2017E 2018E Columbia (TCO) 10% 10% TETCO (M2) 50% 52% TETCO (M3) 10% 6% Dominion…
  18. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 18
    Appendix: Strong Liquidity Position of 2 Billion Amount/ Amount Letters Amount June 30, 2017 ( in millions) Capacity Drawn of Credit Available (1) Cash and Cash Equivalents 293 - - 293 Revolving Credit Facility(2) 2,000 0 314…
  19. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 19
    Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA Three Months Ended June 30, 2017 2017 2017 2017 2016 PA Mining E&P Division Operations Other(1) Total Company Total Company ( in thousands) Division Net Income (Loss) 227,413…
  20. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 20
    Non-GAAP Reconciliation: TTM EBIT, EBITDA, and Adj. EBITDA Three Months Three Months Three Months Three Months Twelve Months Three Months Twelve Months Ended Ended Ended Ended Ended Ended Ended June 30, September 30, December 31,…
  21. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 21
    Non-GAAP Reconciliation: Noncontrolling Interest and Net Debt Three Months Three Months Three Months Three Months Twelve Months Three Months Twelve Months Ended Ended Ended Ended Ended Ended Ended June 30, September 30, December 31,…
  22. 2Q 2017 Earnings Update – Consol Energy Inc. – slide 22
    Non-GAAP Reconciliation: Free Cash Flow Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, ( in thousands) 2017 2016 2017 2016 Net Cash provided by Continuing Operations…

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