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3Q 2018 Earnings – Consol Energy Inc.

Consol Energy Inc. · Nov 1, 2018 · 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. 3Q 2018 Earnings – Consol Energy Inc. – slide 1
    3rd Quarter 2018 Earnings Supplement November 1, 2018
  2. 3Q 2018 Earnings – Consol Energy Inc. – slide 2
    Executive Summary CEIX posted 3Q18 Earnings per Diluted Share of 0.20 and Adjusted EBITDA(1) of 83MM. CCR announced 3Q18 Net Income per Limited Partner Unit Diluted of 0.31 per unit and Adjusted EBITDA(1) of 22MM. PAMC set a third…
  3. 3Q 2018 Earnings – Consol Energy Inc. – slide 3
    Third Quarter Results and 2018 Guidance Update For the Quarter Ended Guidance Earnings Results September September CEIX CCR 30, 2018 30, 2017 Change 2018(4) 2018(4) Pennsylvania Mining Complex Volumes (MM Tons) Production 6.4 6.1…
  4. 3Q 2018 Earnings – Consol Energy Inc. – slide 4
    Leverage and Liquidity Analysis Adjusted Method Bank Method CEIX Financial Metrics (MM except ratios) LTM 9/30/2018 LTM 9/30/2018 Leverage EBITDA(1)(2) 489 390 Consolidated Net Debt(3) 634 634 Net Leverage Ratio 1.3x 1.6x…
  5. 3Q 2018 Earnings – Consol Energy Inc. – slide 5
    Debt Repayment/Equity Purchase Update and 1Q19 TLB Sweep Debt Repayment CEIX Equity Purchases Net Leverage Ratio CCR Equity Purchases 2.4x 2.0x 1.6x 1.6x 26 23 9 1MM 1 2 8MM 1 4Q17 1Q18 2Q18 3Q18 For the nine…
  6. 3Q 2018 Earnings – Consol Energy Inc. – slide 6
    PAMC: Exceptional Cash Generation in Different Parts of the Commodity Cycle Exceptional cash generation throughout the cycle(1) PAMC Adjusted EBITDA - Capex PAMC Capex Average Realized Price (per ton sold) 61.88 56.36 48.47 45.52…
  7. 3Q 2018 Earnings – Consol Energy Inc. – slide 7
    CEIX Peer Valuation vs API2 and Coking Coal Price Performance While the coal landscape has evolved over time, there are many similarities to the early 2000s. Peer coal companies balance sheets are much healthier today than they were…
  8. 3Q 2018 Earnings – Consol Energy Inc. – slide 8
    Highly Diversified Portfolio Provides Volume Stability and Multiple Paths to Upside 2017A Export Thermal: 2017A Export Met: Annual Coal Sales (million tons) (sales breakdown represented in percentages) 26.1 22.9 24.6 26.1…
  9. 3Q 2018 Earnings – Consol Energy Inc. – slide 9
    Capitalizing on a Rising Export Market Historic and Forward API2 Prices Layered multi-year 120 export contracts 100 /tonne cif ARA 80 and futures have 60 API 2 has more-than continued to rise, Historic API 2 (Prompt)…
  10. 3Q 2018 Earnings – Consol Energy Inc. – slide 10
    Arbitrage Opportunity in the Global Value Proposition for Coal Spot / Prompt Prices September 2018 16.00 14.00 12.00 10.00 /mmBtu 8.00 6.00 4.00 2.00 0.00 NAPP Coal UK LNG Brent Crude Oil Newcastle…
  11. 3Q 2018 Earnings – Consol Energy Inc. – slide 11
    Return on Capital Highlights the Need for Rising Commodity Prices The goal is to raise CEIXs Return on Capital over time while lowering its WACC. Focused on margins and corporate returns instead of just growth. Low production…
  12. 3Q 2018 Earnings – Consol Energy Inc. – slide 12
    CEIX Balance Sheet Legacy Liabilities, Manageable and Declining Significant legacy liability reductions over past three years Balance Sheet Cash Servicing Legacy liabilities(1) Value Cost Administrative changes in 2017 reduced our…
  13. 3Q 2018 Earnings – Consol Energy Inc. – slide 13
    Appendix 15
  14. 3Q 2018 Earnings – Consol Energy Inc. – slide 14
    CEIX Adjusted EBITDA & Organic Free Cash Flow Net to CEIX Shareholders Reconciliations EBITDA Reconciliation 3Q18 3Q17 Net Income 9.1 8.5 Plus: Interest Expense, net 20.9 3.9 Interest Income (0.5) (0.4) Income Tax Expense (0.7)…
  15. 3Q 2018 Earnings – Consol Energy Inc. – slide 15
    CCR Adjusted EBITDA & Organic Free Cash Flow Reconciliations EBITDA Reconciliation 3Q18 3Q17 Net Income 8.6 3.6 Plus: Interest Expense, net 1.6 2.4 Depreciation, Depletion and Amortization 11.1 10.4 EBITDA 21.3 16.4 Plus:…
  16. 3Q 2018 Earnings – Consol Energy Inc. – slide 16
    CEIX Net Leverage Ratio Reconciliations CEIX Net Leverage Ratio Reconciliations Adjusted Method Bank Method LTM 9/30/2018 LTM 9/30/2018 Net Income 108 108 Plus: Interest Expense, net 78 78 Interest Income (3) (3) Income Tax…
  17. 3Q 2018 Earnings – Consol Energy Inc. – slide 17
    CEIX Return on Capital Reconciliation CEIX Return on Capital Reconciliation LTM 9/30/2018 Net Income 108 Plus: Interest Expense, net 78 Interest Income (3) Income Tax Expense 73 EBIT 256 Add Legacy Liability Expense 72 EBIT…
  18. 3Q 2018 Earnings – Consol Energy Inc. – slide 18
    CCR Leverage Ratio Reconciliation CCR Net Leverage Ratio Reconciliation LTM 9/30/2018 Net Income 61.3 Plus: Interest Expense 7.3 Depreciation, Depletion and Amortization 44.1 Unit-Based Compensation 3.5 Cash Payments for Legacy…
  19. 3Q 2018 Earnings – Consol Energy Inc. – slide 19
    Average Cash Margin and Average Cost per Ton Sold Reconciliations (MM except per ton data) 3Q18 3Q17 Total Coal Revenue 295 279 Operating and Other Costs 223 230 Less: Other Costs (Non-Production) (31) (33) Total Cash Cost of Coal…
  20. 3Q 2018 Earnings – Consol Energy Inc. – slide 20
    PAMC Adjusted EBITDA Reconciliation Years Ended 2014 2015 2016 2017 LTM 9/30/2018 Earnings before Income Taxes 431 405 131 189 278 Plus: Interest Expense, net - 3 9 10 3 Depreciation, Depletion and Amortization 173 177 168 167…

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