4th Quarter 2019 Earnings Supplement February 11, 2020
Executive Summary CONSOL Energy Inc. Reduced 2020 capex guidance by 21% at the midpoint compared to 2019. Invested in several key diversification projects focused on alternative and lower-emission uses of coal. Net payments on total…
CEIX Performance Since November 2017 Spin Performance of Our Securities Since the November 2017 Spin Spin Today -56% -31% 25.00 8% -25% 110.00 0% 21.50 +1 S&P notch 7.0% 0% 100 -2% 6.0% 100.00 -5% 20.00 6.0% 25.00 35% -50% B1 /…
CEIX Accelerating Debt/Equity Repurchases CEIX Repurchase Program Authorization(1) Cumulative Repurchases Remaining Availability Repurchase authorization of an aggregate 200MM. Current availability of 56MM. 200 200 200 Does not…
Shrinking Access to Capital Strengthens Existing Production Capital Market Access Coal Debt Equity 25 64.4 billion capital raised 2014 2019. 20 18.6 Debt = 45.1 billion Transaction Value (B) Equity = 19.3 billion 6.2 14.3…
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 &…
Coal Supply Rationalization Supply rationalization is happening in the domestic and global markets. As of mid-January 2020, DTC estimates that domestic coal cutbacks were approximately 17 million tons in 2019, including 13 million…
Export Sales Continue to Play Vital Role for CONSOL 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…
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…
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 API 2 Spot Average PJM Western Hub Around-The-Clock 160…
Fourth Quarter Results and 2020 Guidance For the Quarter Ended Guidance Earnings Results December December CEIX CCR 31, 2019 31, 2018 Change 2020(5) 2020(5) Pennsylvania Mining Complex Volumes (MM Tons) Production 6.7 6.8 (0.1)…
Leverage and Liquidity Analysis Adjusted Method Bank Method CEIX Financial Metrics (MM except ratios) LTM 12/31/2019 LTM 12/31/2019 Leverage EBITDA(1)(2) 406 329 Consolidated Net Debt(3) 635 635 Net Leverage Ratio(1) 1.6x 1.9x…
CEIX Balance Sheet Legacy Liabilities Significant legacy liability reductions over the past three years Legacy liabilities Balance Sheet Cash Servicing (mm) Value Cost The OPEB liability decreased 9 million from 2018 to 2019.…
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…
Appendix 16
CEIX Adjusted EBITDA & Organic Free Cash Flow Net to CEIX Shareholders Reconciliations EBITDA Reconciliation LTM 4Q19 4Q18 12/31/2019 Net Income 17.4 46.0 93.6 Plus: Interest Expense, net 16.2 20.4 66.5 Interest Income (0.5) (0.6)…
CCR Adjusted EBITDA & Organic Free Cash Flow Reconciliations Adjusted EBITDA Reconciliation 4Q19 4Q18 Net Income 9.0 16.6 Plus: Interest Expense, Net 2.1 1.4 Depreciation, Depletion and Amortization 12.2 11.0 EBITDA 23.3 28.9…
CEIX Net Leverage Ratio Reconciliations CEIX Net Leverage Ratio Reconciliations Adjusted Method Bank Method LTM 12/31/2019 LTM 12/31/2019 Net Income 94 94 Plus: Interest Expense, net 66 66 Interest Income (3) (3) Income Tax…
Adjusted Net Income and Adjusted Dilutive EPS Reconciliations (MM except per share data) 2019 Net Income 93.6 Plus: Adjustments to Net Income 18.7 Plus: Tax Benefit of Adjustments to Net Income 0.5 Adjusted Net Income 112.7 Less:…
CCR Net Leverage Ratio Reconciliation CCR Net Leverage Ratio Reconciliation LTM 12/31/2019 Net Income 45.6 Plus: Interest Expense, Net 6.6 Depreciation, Depletion and Amortization 45.8 Unit-Based Compensation 1.4 Non-Cash…
CCR Distribution Coverage Ratio Reconciliation CCR Distribution Coverage Ratio Reconciliation 4Q19 YTD 12/31/2019 Net Income 9.0 45.6 Plus: Interest Expense, Net 2.1 6.6 Depreciation, Depletion and Amortization 12.2 45.8…
Average Cash Margin and Average Cost per Ton Sold Reconciliations (MM except per ton data) 4Q19 4Q18 Total Coal Revenue 304 348 Operating and Other Costs 230 246 Less: Other Costs (Non-Production) (25) (32) Total Cash Cost of Coal…
CMT Adjusted EBITDA Reconciliation CMT EBITDA Reconciliation 4Q19 4Q18 Net Income 8.6 8.8 Plus: Interest Expense, net 1.5 1.5 Depreciation, Depletion and Amortization 1.2 0.9 EBITDA 11.3 11.2 Plus: Stock/Unit-Based Compensation…
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