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3Q 2019 Earnings Presentation – Consol Energy Inc.

Consol Energy Inc. · Nov 5, 2019 · 23 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 2019 Earnings Presentation – Consol Energy Inc. – slide 1
    3rd Quarter 2019 Earnings Supplement November 5, 2019
  2. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 2
    Executive Summary Continuing to Follow Our Strategy Pennsylvania Mining Complex Increased 2020 and 2021 contracted position to 82% and 36%, respectively. Achieved a record-high third quarter production at the Complex. CONSOL Energy…
  3. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 3
    CEIX Performance Since November 2017 Spin Performance of Our Securities Since the November 2017 Spin Spin Today -37% -15% 25.00 8% -25% 105.00 0% 21.45 +1 S&P notch 3%7.0% 0% 100 -2% 6.0% 100.00 20.00 -2%6.0% -4% 25.00 35% -50%…
  4. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 4
    CEIX Accelerating Debt/Equity Repurchases CEIX Repurchase Program Authorization(1) Cumulative Repurchases Remaining Availability Repurchase authorization of an aggregate 200MM. 200 200 200 Current availability of 58MM. Does not…
  5. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 5
    CEIX A Measured Approach to Growth Competes with debt and equity repurchases. Strategically strengthens our production base, enables diversification, and reduces risk. Efficiency Technology Organic Growth M&A Efficiency &…
  6. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 6
    Shrinking Access to Capital Strengthens Existing Production Capital Market Access Coal Debt Equity 25 64.4 billion capital raised 2014 YTD 2019. 20 18.6 Debt = 45.3 billion Transaction Value (B) Equity = 19.1 billion 6.2…
  7. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 7
    Export Sales Continue to Play Vital Role Established a new longwall at Ramped up exports in Reduced exports and Harvey Mine in 2014, thereby Sold 3.6 million export deemphasized met response to continued increasing capacity for…
  8. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 8
    Exemplifying Our Commitment to Continuous Improvement with Bettercoal CONSOL Committed to Become a Bettercoal Supplier Bettercoal is a global organization that was established by major coal buyers.(1) Seeks to advance the continuous…
  9. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 9
    Strong Contracted Position Supported by Diversified Customer Base Blue-chip customers(1) Limited volume at risk due to announced power plant retirements 2018 domestic power plant shipments by unit retirement status Announced Coal…
  10. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 10
    Proven Contracting Strategy and Tier 1 Asset Base Reduces Earnings Volatility Stable Pricing Profile(1) CEIX Average Revenue Per Ton Domestic NAPP Coal Average Prompt Month API2 Spot Average PJM Western Hub Around-The-Clock 160…
  11. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 11
    Return on Capital Highlights the Need for Rising Commodity Prices The goal is to raise CEIXs Return on Capital(1) over time while lowering its WACC. Focused on margins and corporate returns instead of just growth. Low production…
  12. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 12
    Third Quarter Results and 2019 Guidance For the Quarter Ended Guidance Earnings Results September September CEIX CCR 30, 2019 30, 2018 Change 2019(5) 2019(5) Pennsylvania Mining Complex Volumes (MM Tons) Production 6.5 6.4 0.1…
  13. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 13
    Leverage and Liquidity Analysis Adjusted Method Bank Method CEIX Financial Metrics (MM except ratios) LTM 9/30/2019 LTM 9/30/2019 Leverage EBITDA(1)(2) 429 344 Consolidated Net Debt(3) 614 614 Net Leverage Ratio(1) 1.4x 1.8x…
  14. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 14
    CEIX Balance Sheet Legacy Liabilities, Manageable and Declining Significant legacy liability reductions over the past three years Legacy liabilities Balance Sheet Cash Servicing (mm) Value Cost The impact of administrative changes in…
  15. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 15
    Appendix 16
  16. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 16
    CEIX Adjusted EBITDA & Organic Free Cash Flow Net to CEIX Shareholders Reconciliations EBITDA Reconciliation LTM 3Q19 3Q18 9/30/2019 Net Income 7.0 9.1 122.2 Plus: Interest Expense, net 15.6 20.9 70.7 Interest Income (0.8) (0.5)…
  17. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 17
    CCR Adjusted EBITDA & Organic Free Cash Flow Reconciliations EBITDA Reconciliation 3Q19 3Q18 Net Income 7.0 8.6 Plus: Interest Expense, Net 1.6 1.6 Depreciation, Depletion and Amortization 11.1 11.1 EBITDA 19.6 21.3 Plus:…
  18. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 18
    CEIX Net Leverage Ratio Reconciliations CEIX Net Leverage Ratio Reconciliations Adjusted Method Bank Method LTM 9/30/2019 LTM 9/30/2019 Net Income 122 122 Plus: Interest Expense, net 71 71 Interest Income (3) (3) EBIT 190 190…
  19. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 19
    CEIX Return on Capital Reconciliation CEIX Return on Capital Reconciliation LTM 9/30/2019 Net Income 122 Plus: Interest Expense, net 71 Interest Income (3) EBIT 190 Add Legacy Liability Payments 75 Add Loss on Debt…
  20. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 20
    CCR Net Leverage Ratio Reconciliation CCR Net Leverage Ratio Reconciliation LTM 9/30/2019 Net Income 53.2 Plus: Interest Expense, Net 5.9 Depreciation, Depletion and Amortization 44.6 Unit-Based Compensation 1.6 Non-Cash…
  21. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 21
    CCR Distribution Coverage Ratio Reconciliation CCR Distribution Coverage Ratio Reconciliation 3Q19 YTD 9/30/2019 Net Income 7.0 36.6 Plus: Interest Expense, Net 1.6 4.5 Depreciation, Depletion and Amortization 11.1 33.6…
  22. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 22
    Average Cash Margin and Average Cost per Ton Sold Reconciliations (MM except per ton data) 3Q19 3Q18 Total Coal Revenue 302 295 Operating and Other Costs 235 223 Less: Other Costs (Non-Production) (23) (31) Total Cash Cost of Coal…
  23. 3Q 2019 Earnings Presentation – Consol Energy Inc. – slide 23
    CMT Adjusted EBITDA Reconciliation CMT EBITDA Reconciliation 3Q19 3Q18 Net Income 7.7 5.7 Plus: Interest Expense, net 1.5 1.5 Depreciation, Depletion and Amortization 0.5 1.0 EBITDA 9.8 8.2 Plus: Stock/Unit-Based Compensation…

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