|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
51-0337383
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Class
|
|
Shares outstanding as of April 17, 2015
|
Common stock, $0.01 par value
|
|
228,822,133
|
|
TABLE OF CONTENTS
|
||
|
|
Page
|
PART I FINANCIAL INFORMATION
|
|
|
|
|
|
ITEM 1.
|
Condensed Financial Statements
|
|
|
||
|
||
|
Consolidated Balance Sheets at March 31, 201
5 and December 31, 2014.
|
|
|
||
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||
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||
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ITEM 2.
|
||
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ITEM 3.
|
||
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ITEM 4.
|
||
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PART II OTHER INFORMATION
|
|
|
|
|
|
ITEM 1.
|
||
|
|
|
ITEM 1A.
|
||
|
|
|
ITEM 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
|
ITEM 4.
|
||
|
|
|
ITEM 6.
|
ITEM 1.
|
CONDENSED FINANCIAL STATEMENTS
|
(Dollars in thousands, except per share data)
|
Three Months Ended
|
||||||
(Unaudited)
|
March 31,
|
||||||
Revenues and Other Income:
|
2015
|
|
2014
|
||||
Natural Gas, NGLs and Oil Sales
|
$
|
254,580
|
|
|
$
|
266,298
|
|
Unrealized Gain on Commodity Derivative Instruments
|
60,004
|
|
|
—
|
|
||
Coal Sales
|
496,666
|
|
|
534,681
|
|
||
Other Outside Sales
|
13,130
|
|
|
69,287
|
|
||
Gas Royalty Interests and Purchased Gas Sales
|
18,456
|
|
|
30,219
|
|
||
Freight-Outside Coal
|
6,525
|
|
|
9,945
|
|
||
Miscellaneous Other Income
|
38,066
|
|
|
55,054
|
|
||
Gain on Sale of Assets
|
2,165
|
|
|
3,669
|
|
||
Total Revenue and Other Income
|
889,592
|
|
|
969,153
|
|
||
Costs and Expenses:
|
|
|
|
||||
Exploration and Production Costs
|
|
|
|
||||
Lease Operating Expense
|
31,612
|
|
|
29,243
|
|
||
Transportation, Gathering and Compression
|
78,744
|
|
|
53,782
|
|
||
Production, Ad Valorem, and Other Fees
|
9,192
|
|
|
10,187
|
|
||
Direct Administrative and Selling
|
14,667
|
|
|
11,653
|
|
||
Depreciation, Depletion and Amortization
|
85,104
|
|
|
71,729
|
|
||
Exploration and Production Related Other Costs
|
2,040
|
|
|
3,099
|
|
||
Production Royalty Interests and Purchased Gas Costs
|
16,127
|
|
|
26,096
|
|
||
Other Corporate Expenses
|
19,096
|
|
|
26,164
|
|
||
General and Administrative
|
15,142
|
|
|
17,364
|
|
||
Total Exploration and Production Costs
|
271,724
|
|
|
249,317
|
|
||
Coal Costs
|
|
|
|
||||
Operating and Other Costs
|
311,583
|
|
|
333,810
|
|
||
Royalties and Production Taxes
|
22,317
|
|
|
26,488
|
|
||
Direct Administrative and Selling
|
8,983
|
|
|
11,542
|
|
||
Depreciation, Depletion and Amortization
|
65,483
|
|
|
56,866
|
|
||
Freight Expense
|
6,525
|
|
|
9,945
|
|
||
General and Administrative Costs
|
7,408
|
|
|
12,709
|
|
||
Other Corporate Expenses
|
8,895
|
|
|
19,295
|
|
||
Total Coal Costs
|
431,194
|
|
|
470,655
|
|
||
Other Costs
|
|
|
|
||||
Miscellaneous Operating Expense
|
10,384
|
|
|
67,340
|
|
||
General and Administrative Costs
|
—
|
|
|
210
|
|
||
Depreciation, Depletion and Amortization
|
7
|
|
|
521
|
|
||
Loss on Debt Extinguishment
|
67,734
|
|
|
—
|
|
||
Interest Expense
|
55,122
|
|
|
50,931
|
|
||
Total Other Costs
|
133,247
|
|
|
119,002
|
|
||
Total Costs And Expenses
|
836,165
|
|
|
838,974
|
|
||
Earnings Before Income Tax
|
53,427
|
|
|
130,179
|
|
||
Income Taxes
|
(25,603
|
)
|
|
8,489
|
|
||
Income From Continuing Operations
|
79,030
|
|
|
121,690
|
|
||
Loss From Discontinued Operations, net
|
—
|
|
|
(5,687
|
)
|
||
Net Income
|
$
|
79,030
|
|
|
$
|
116,003
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands, except per share data)
|
March 31,
|
||||||
(Unaudited)
|
2015
|
|
2014
|
||||
Earnings Per Share
|
|
|
|
||||
Basic
|
|
|
|
||||
Income from Continuing Operations
|
$
|
0.34
|
|
|
$
|
0.53
|
|
Loss from Discontinued Operations
|
—
|
|
|
(0.02
|
)
|
||
Total Basic Earnings Per Share
|
$
|
0.34
|
|
|
$
|
0.51
|
|
Dilutive
|
|
|
|
||||
Income from Continuing Operations
|
$
|
0.34
|
|
|
$
|
0.53
|
|
Loss from Discontinued Operations
|
—
|
|
|
(0.03
|
)
|
||
Total Dilutive Earnings Per Share
|
$
|
0.34
|
|
|
$
|
0.50
|
|
|
|
|
|
||||
Dividends Paid Per Share
|
$
|
0.0625
|
|
|
$
|
0.0625
|
|
|
Three Months Ended
|
||||||
(Dollars in thousands)
|
March 31,
|
||||||
(Unaudited)
|
2015
|
|
2014
|
||||
Net Income
|
$
|
79,030
|
|
|
$
|
116,003
|
|
Other Comprehensive Loss:
|
|
|
|
||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $90, ($2,985))
|
(149
|
)
|
|
5,119
|
|
||
Net Decrease in the Value of Cash Flow Hedges (Net of tax: $0, $30,856)
|
—
|
|
|
(46,965
|
)
|
||
Reclassification of Cash Flow Hedges from OCI to Earnings (Net of tax: $11,213, ($10,951))
|
(19,314
|
)
|
|
16,313
|
|
||
|
|
|
|
||||
Other Comprehensive Loss
|
(19,463
|
)
|
|
(25,533
|
)
|
||
|
|
|
|
||||
Comprehensive Income
|
$
|
59,567
|
|
|
$
|
90,470
|
|
|
(Unaudited)
|
|
|
||||
(Dollars in thousands)
|
March 31,
2015 |
|
December 31,
2014 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
5,318
|
|
|
$
|
176,989
|
|
Accounts and Notes Receivable:
|
|
|
|
||||
Trade
|
226,991
|
|
|
259,817
|
|
||
Other Receivables
|
263,490
|
|
|
347,146
|
|
||
Accounts Receivable - Securitized
|
32,669
|
|
|
—
|
|
||
Inventories
|
105,244
|
|
|
101,873
|
|
||
Deferred Income Taxes
|
74,725
|
|
|
66,569
|
|
||
Recoverable Income Taxes
|
20,566
|
|
|
20,401
|
|
||
Prepaid Expenses
|
203,711
|
|
|
193,555
|
|
||
Total Current Assets
|
932,714
|
|
|
1,166,350
|
|
||
Property, Plant and Equipment:
|
|
|
|
||||
Property, Plant and Equipment
|
15,014,326
|
|
|
14,674,777
|
|
||
Less—Accumulated Depreciation, Depletion and Amortization
|
4,647,745
|
|
|
4,512,305
|
|
||
Total Property, Plant and Equipment—Net
|
10,366,581
|
|
|
10,162,472
|
|
||
Other Assets:
|
|
|
|
||||
Investment in Affiliates
|
192,273
|
|
|
152,958
|
|
||
Other
|
289,828
|
|
|
277,750
|
|
||
Total Other Assets
|
482,101
|
|
|
430,708
|
|
||
TOTAL ASSETS
|
$
|
11,781,396
|
|
|
$
|
11,759,530
|
|
|
(Unaudited)
|
|
|
||||
(Dollars in thousands, except per share data)
|
March 31,
2015 |
|
December 31,
2014 |
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts Payable
|
$
|
532,388
|
|
|
$
|
531,973
|
|
Current Portion of Long-Term Debt
|
13,242
|
|
|
13,016
|
|
||
Short-Term Notes Payable
|
760,500
|
|
|
—
|
|
||
Borrowings Under Securitization Facility
|
32,669
|
|
|
—
|
|
||
Other Accrued Liabilities
|
569,185
|
|
|
602,972
|
|
||
Total Current Liabilities
|
1,907,984
|
|
|
1,147,961
|
|
||
Long-Term Debt:
|
|
|
|
||||
Long-Term Debt
|
2,561,681
|
|
|
3,236,422
|
|
||
Capital Lease Obligations
|
38,854
|
|
|
39,456
|
|
||
Total Long-Term Debt
|
2,600,535
|
|
|
3,275,878
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Deferred Income Taxes
|
304,303
|
|
|
325,592
|
|
||
Postretirement Benefits Other Than Pensions
|
696,327
|
|
|
703,680
|
|
||
Pneumoconiosis Benefits
|
117,608
|
|
|
116,941
|
|
||
Mine Closing
|
305,906
|
|
|
306,789
|
|
||
Gas Well Closing
|
178,680
|
|
|
175,369
|
|
||
Workers’ Compensation
|
74,725
|
|
|
75,947
|
|
||
Salary Retirement
|
107,637
|
|
|
109,956
|
|
||
Reclamation
|
33,394
|
|
|
33,788
|
|
||
Other
|
156,570
|
|
|
158,171
|
|
||
Total Deferred Credits and Other Liabilities
|
1,975,150
|
|
|
2,006,233
|
|
||
TOTAL LIABILITIES
|
6,483,669
|
|
|
6,430,072
|
|
||
Stockholders’ Equity:
|
|
|
|
||||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 228,680,338 Issued and Outstanding at March 31, 2015; 230,265,463 Issued and Outstanding at December 31, 2014
|
2,291
|
|
|
2,306
|
|
||
Capital in Excess of Par Value
|
2,412,587
|
|
|
2,424,102
|
|
||
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding
|
—
|
|
|
—
|
|
||
Retained Earnings
|
3,053,412
|
|
|
3,054,150
|
|
||
Accumulated Other Comprehensive Loss
|
(170,563
|
)
|
|
(151,100
|
)
|
||
Total CONSOL Energy Inc. Stockholders’ Equity
|
5,297,727
|
|
|
5,329,458
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
11,781,396
|
|
|
$
|
11,759,530
|
|
(Dollars in thousands, except per share data)
|
Common
Stock
|
|
Capital in
Excess
of Par
Value
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total CONSOL Energy Inc.
Stockholders’
Equity
|
||||||||||
December 31, 2014
|
$
|
2,306
|
|
|
$
|
2,424,102
|
|
|
$
|
3,054,150
|
|
|
$
|
(151,100
|
)
|
|
$
|
5,329,458
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income
|
—
|
|
|
—
|
|
|
79,030
|
|
|
—
|
|
|
79,030
|
|
|||||
Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,463
|
)
|
|
(19,463
|
)
|
|||||
Comprehensive Income (Loss)
|
—
|
|
|
—
|
|
|
79,030
|
|
|
(19,463
|
)
|
|
59,567
|
|
|||||
Issuance of Common Stock
|
7
|
|
|
1,729
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|||||
Retirement of Common Stock (2,213,100 shares)
|
(22
|
)
|
|
(17,683
|
)
|
|
(53,969
|
)
|
|
—
|
|
|
(71,674
|
)
|
|||||
Treasury Stock Activity
|
—
|
|
|
—
|
|
|
(11,399
|
)
|
|
—
|
|
|
(11,399
|
)
|
|||||
Tax Cost From Stock-Based Compensation
|
—
|
|
|
(3,042
|
)
|
|
—
|
|
|
—
|
|
|
(3,042
|
)
|
|||||
Amortization of Stock-Based Compensation Awards
|
—
|
|
|
7,481
|
|
|
—
|
|
|
—
|
|
|
7,481
|
|
|||||
Dividends ($0.0625 per share)
|
—
|
|
|
—
|
|
|
(14,400
|
)
|
|
—
|
|
|
(14,400
|
)
|
|||||
Balance at March 31, 2015
|
$
|
2,291
|
|
|
$
|
2,412,587
|
|
|
$
|
3,053,412
|
|
|
$
|
(170,563
|
)
|
|
$
|
5,297,727
|
|
(Dollars in thousands)
|
Three Months Ended
|
||||||
(Unaudited)
|
March 31,
|
||||||
Operating Activities:
|
2015
|
|
2014
|
||||
Net Income
|
$
|
79,030
|
|
|
$
|
116,003
|
|
Adjustments to Reconcile Net Income to Net Cash Provided By Continuing Operating Activities:
|
|
|
|
||||
Net Loss from Discontinued Operations
|
—
|
|
|
5,687
|
|
||
Depreciation, Depletion and Amortization
|
150,594
|
|
|
129,116
|
|
||
Stock-Based Compensation
|
7,481
|
|
|
15,892
|
|
||
Gain on Sale of Assets
|
(2,165
|
)
|
|
(3,669
|
)
|
||
Loss on Debt Extinguishment
|
67,734
|
|
|
—
|
|
||
Unrealized Gain on Commodity Derivative Instruments
|
(60,004
|
)
|
|
—
|
|
||
Deferred Income Taxes
|
(21,200
|
)
|
|
8,149
|
|
||
Equity in Earnings of Affiliates
|
(11,323
|
)
|
|
(7,450
|
)
|
||
Changes in Operating Assets:
|
|
|
|
||||
Accounts and Notes Receivable
|
26,523
|
|
|
(22,231
|
)
|
||
Inventories
|
(3,371
|
)
|
|
1,729
|
|
||
Prepaid Expenses
|
38,476
|
|
|
15,493
|
|
||
Changes in Other Assets
|
6,966
|
|
|
354
|
|
||
Changes in Operating Liabilities:
|
|
|
|
||||
Accounts Payable
|
(17,720
|
)
|
|
16,595
|
|
||
Accrued Interest
|
42,719
|
|
|
51,233
|
|
||
Other Operating Liabilities
|
(68,711
|
)
|
|
18,260
|
|
||
Changes in Other Liabilities
|
(10,305
|
)
|
|
3,655
|
|
||
Other
|
3,646
|
|
|
1,125
|
|
||
Net Cash Provided by Continuing Operations
|
228,370
|
|
|
349,941
|
|
||
Net Cash Used in Discontinued Operating Activities
|
—
|
|
|
(13,839
|
)
|
||
Net Cash Provided by Operating Activities
|
228,370
|
|
|
336,102
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Capital Expenditures
|
(294,019
|
)
|
|
(451,009
|
)
|
||
Proceeds from Sales of Assets
|
2,108
|
|
|
125,528
|
|
||
Net Investments In Equity Affiliates
|
(27,992
|
)
|
|
(10,000
|
)
|
||
Net Cash Used in Investing Activities
|
(319,903
|
)
|
|
(335,481
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from Short-Term Borrowings
|
760,500
|
|
|
—
|
|
||
Payments on Miscellaneous Borrowings
|
(2,478
|
)
|
|
(4,670
|
)
|
||
Payments on Long Term Notes, including Redemption Premium
|
(1,261,009
|
)
|
|
—
|
|
||
Proceeds from Securitization Facility
|
32,669
|
|
|
—
|
|
||
Proceeds from Issuance of Long-Term Notes
|
492,760
|
|
|
—
|
|
||
Tax Benefit from Stock-Based Compensation
|
15
|
|
|
92
|
|
||
Dividends Paid
|
(14,400
|
)
|
|
(14,351
|
)
|
||
Issuance of Common Stock
|
1,736
|
|
|
4,976
|
|
||
Treasury Stock Activity
|
—
|
|
|
(1
|
)
|
||
Purchases of Treasury Stock
|
(71,674
|
)
|
|
—
|
|
||
Debt Issuance and Financing Fees
|
(18,257
|
)
|
|
—
|
|
||
Net Cash Used in Financing Activities
|
(80,138
|
)
|
|
(13,954
|
)
|
||
Net Decrease in Cash and Cash Equivalents
|
(171,671
|
)
|
|
(13,333
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
176,989
|
|
|
327,420
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
5,318
|
|
|
$
|
314,087
|
|
|
Three Months Ended March 31,
|
||||||||
|
2015
|
|
2014
|
||||||
Anti-Dilutive Options
|
1,834,432
|
|
|
359,488
|
|
||||
Anti-Dilutive Restricted Stock Units
|
85,018
|
|
|
—
|
|
||||
Anti-Dilutive Performance Stock Options
|
802,804
|
|
|
—
|
|
||||
|
2,722,254
|
|
|
359,488
|
|
|
Three Months Ended March 31,
|
||||||||
|
2015
|
|
2014
|
||||||
Options
|
76,028
|
|
|
265,339
|
|
||||
Restricted Stock Units
|
449,005
|
|
|
334,399
|
|
||||
Performance Share Units
|
497,134
|
|
|
378,971
|
|
||||
|
1,022,167
|
|
|
978,709
|
|
|
Three Months Ended March 31,
|
||||||||||
|
2015
|
|
2014
|
||||||||
Income from Continuing Operations
|
$
|
79,030
|
|
|
$
|
121,690
|
|
||||
Loss from Discontinued Operations
|
—
|
|
|
(5,687
|
)
|
||||||
Net Income
|
$
|
79,030
|
|
|
$
|
116,003
|
|
||||
Weighted Average Shares of Common Stock Outstanding:
|
|
|
|
||||||||
Basic
|
229,734,412
|
|
|
229,526,033
|
|
||||||
Effect of Stock-Based Compensation Awards
|
712,287
|
|
|
1,341,493
|
|
||||||
Dilutive
|
230,446,699
|
|
|
230,867,526
|
|
||||||
Earnings per Share:
|
|
|
|
||||||||
Basic (Continuing Operations)
|
$
|
0.34
|
|
|
$
|
0.53
|
|
||||
Basic (Discontinued Operations)
|
—
|
|
|
(0.02
|
)
|
||||||
Total Basic
|
$
|
0.34
|
|
|
$
|
0.51
|
|
||||
|
|
|
|
||||||||
Dilutive (Continuing Operations)
|
$
|
0.34
|
|
|
$
|
0.53
|
|
||||
Dilutive (Discontinued Operations)
|
—
|
|
|
(0.03
|
)
|
||||||
Total Dilutive
|
$
|
0.34
|
|
|
$
|
0.50
|
|
|
Gains and Losses on Cash Flow Hedges
|
|
Postretirement Benefits
|
|
Total
|
||||||||||||
Balance at December 31, 2014
|
$
|
121,521
|
|
|
$
|
(272,621
|
)
|
|
$
|
(151,100
|
)
|
||||||
Amounts Reclassified from Accumulated Other Comprehensive Income
|
(19,314
|
)
|
|
(149
|
)
|
|
(19,463
|
)
|
|||||||||
Balance at March 31, 2015
|
$
|
102,207
|
|
|
$
|
(272,770
|
)
|
|
$
|
(170,563
|
)
|
|
Three Months Ended March 31,
|
||||||||||
|
2015
|
|
2014
|
||||||||
Derivative Instruments (Note 13)
|
|
|
|
||||||||
Natural Gas Price Swaps and Options
|
$
|
(30,527
|
)
|
|
$
|
27,264
|
|
||||
Tax Expense (Benefit)
|
11,213
|
|
|
(10,951
|
)
|
||||||
Net of Tax
|
$
|
(19,314
|
)
|
|
$
|
16,313
|
|
||||
Actuarially Determined Long-Term Liability Adjustments (Note 4 and Note 5)
|
|
|
|
||||||||
Amortization of Prior Service Costs
|
$
|
(14,812
|
)
|
|
$
|
(2,542
|
)
|
||||
Recognized Net Actuarial Loss
|
14,573
|
|
|
10,646
|
|
||||||
Total
|
(239
|
)
|
|
8,104
|
|
||||||
Tax Expense (Benefit)
|
90
|
|
|
(2,985
|
)
|
||||||
Net of Tax
|
$
|
(149
|
)
|
|
$
|
5,119
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2015
|
|
2014
|
||||
Equity in Earnings of Affiliates
|
$
|
11,323
|
|
|
$
|
7,450
|
|
Rental Income
|
9,598
|
|
|
14,908
|
|
||
Gathering Revenue
|
6,095
|
|
|
18,730
|
|
||
Coal Royalty Income
|
4,545
|
|
|
5,279
|
|
||
Right of Way Issuance
|
2,528
|
|
|
1,900
|
|
||
Interest Income
|
1,143
|
|
|
624
|
|
||
Other
|
2,834
|
|
|
6,163
|
|
||
Total Other Income
|
$
|
38,066
|
|
|
$
|
55,054
|
|
|
Pension Benefits
|
|
Other Post-Employment Benefits
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Service cost
|
$
|
2,350
|
|
|
$
|
4,308
|
|
|
$
|
—
|
|
|
$
|
2,331
|
|
Interest cost
|
8,580
|
|
|
9,151
|
|
|
6,995
|
|
|
12,097
|
|
||||
Expected return on plan assets
|
(12,689
|
)
|
|
(12,747
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service credits
|
(176
|
)
|
|
(346
|
)
|
|
(14,636
|
)
|
|
(2,196
|
)
|
||||
Recognized net actuarial loss
|
6,939
|
|
|
5,891
|
|
|
8,926
|
|
|
6,369
|
|
||||
Net periodic benefit cost
|
$
|
5,004
|
|
|
$
|
6,257
|
|
|
$
|
1,285
|
|
|
$
|
18,601
|
|
|
CWP
|
|
Workers' Compensation
|
||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||
|
March 31,
|
|
March 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Service cost
|
$
|
1,623
|
|
|
$
|
1,419
|
|
|
$
|
2,347
|
|
|
$
|
2,445
|
|
Interest cost
|
1,279
|
|
|
1,384
|
|
|
799
|
|
|
894
|
|
||||
Amortization of actuarial gain
|
(1,394
|
)
|
|
(1,549
|
)
|
|
(8
|
)
|
|
(95
|
)
|
||||
State administrative fees and insurance bond premiums
|
—
|
|
|
—
|
|
|
903
|
|
|
1,111
|
|
||||
Net periodic benefit cost
|
$
|
1,508
|
|
|
$
|
1,254
|
|
|
$
|
4,041
|
|
|
$
|
4,355
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
Coal
|
$
|
22,596
|
|
|
$
|
19,242
|
|
Supplies
|
82,648
|
|
|
82,631
|
|
||
Total Inventories
|
$
|
105,244
|
|
|
$
|
101,873
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
Coal and other plant and equipment
|
$
|
3,747,817
|
|
|
$
|
3,726,514
|
|
Intangible drilling cost
|
3,057,859
|
|
|
2,798,394
|
|
||
Proven gas properties
|
1,766,692
|
|
|
1,768,007
|
|
||
Unproven gas properties
|
1,554,505
|
|
|
1,540,835
|
|
||
Coal properties and surface lands
|
1,364,481
|
|
|
1,358,306
|
|
||
Gas gathering equipment
|
1,101,113
|
|
|
1,088,238
|
|
||
Gas wells and related equipment
|
754,918
|
|
|
716,748
|
|
||
Airshafts
|
467,455
|
|
|
468,924
|
|
||
Mine development
|
412,130
|
|
|
414,501
|
|
||
Coal advance mining royalties
|
389,175
|
|
|
386,245
|
|
||
Leased coal lands
|
253,615
|
|
|
263,946
|
|
||
Other gas assets
|
124,362
|
|
|
123,539
|
|
||
Gas advance royalties
|
20,204
|
|
|
20,580
|
|
||
Total Property Plant and Equipment
|
15,014,326
|
|
|
14,674,777
|
|
||
Less: Accumulated DD&A
|
4,647,745
|
|
|
4,512,305
|
|
||
Total Net PP&E
|
$
|
10,366,581
|
|
|
$
|
10,162,472
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
Debt:
|
|
|
|
||||
|
|
|
|
||||
Senior notes due April 2020 at 8.25%, issued at par value
|
$
|
76,978
|
|
|
$
|
1,014,800
|
|
Senior notes due March 2021 at 6.375%, issued at par value
|
20,824
|
|
|
250,000
|
|
||
Senior notes due April 2022 at 5.875%, including amortization of bond premium
|
1,856,283
|
|
|
1,856,506
|
|
||
Senior notes due April 2023 at 8.00%, including amortization of bond discount
|
492,760
|
|
|
—
|
|
||
MEDCO revenue bonds in series due September 2025 at 5.75%
|
102,865
|
|
|
102,865
|
|
||
Advance royalty commitments (7.91% weighted average interest rate for March 31, 2015 and December 31, 2014)
|
13,473
|
|
|
13,473
|
|
||
Other long-term note maturing in 2018 (total value of $4,129 and $4,473 less unamortized discount of $555 and $643 at March 31, 2015 and December 31, 2014, respectively).
|
3,574
|
|
|
3,830
|
|
||
|
2,566,757
|
|
|
3,241,474
|
|
||
Less amounts due in one year *
|
5,076
|
|
|
5,052
|
|
||
Long-Term Debt
|
$
|
2,561,681
|
|
|
$
|
3,236,422
|
|
|
Amount of Commitment Expiration Per Period
|
||||||||||||||||||
|
Total
Amounts
Committed
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Beyond
5 Years
|
||||||||||
Letters of Credit:
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-Related
|
$
|
94,947
|
|
|
$
|
75,624
|
|
|
$
|
19,323
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Environmental
|
4,786
|
|
|
4,186
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
164,347
|
|
|
164,347
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Letters of Credit
|
264,080
|
|
|
244,157
|
|
|
19,923
|
|
|
—
|
|
|
—
|
|
|||||
Surety Bonds:
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-Related
|
181,720
|
|
|
181,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Environmental
|
553,656
|
|
|
545,391
|
|
|
8,265
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
24,454
|
|
|
24,449
|
|
|
4
|
|
|
1
|
|
|
|
|
|||||
Total Surety Bonds
|
759,830
|
|
|
751,560
|
|
|
8,269
|
|
|
1
|
|
|
—
|
|
|||||
Guarantees:
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal
|
108,550
|
|
|
83,500
|
|
|
25,050
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
84,421
|
|
|
42,119
|
|
|
16,939
|
|
|
12,649
|
|
|
12,714
|
|
|||||
Total Guarantees
|
192,971
|
|
|
125,619
|
|
|
41,989
|
|
|
12,649
|
|
|
12,714
|
|
|||||
Total Commitments
|
$
|
1,216,881
|
|
|
$
|
1,121,336
|
|
|
$
|
70,181
|
|
|
$
|
12,650
|
|
|
$
|
12,714
|
|
Obligations Due
|
Amount
|
||
Less than 1 year
|
$
|
263,985
|
|
1 - 3 years
|
314,084
|
|
|
3 - 5 years
|
197,923
|
|
|
More than 5 years
|
626,620
|
|
|
Total Purchase Obligations
|
$
|
1,402,612
|
|
Asset Derivative Instruments
|
|
Liability Derivative Instruments
|
||||||||||||||
|
March 31,
2015 |
|
December 31,
2014 |
|
|
March 31,
2015 |
|
December 31,
2014 |
||||||||
Commodity Derivative Instruments
|
|
|
|
|
|
|
|
|
||||||||
Prepaid Expense
|
$
|
138,772
|
|
|
$
|
123,676
|
|
|
Other Liabilities
|
$
|
272
|
|
|
$
|
—
|
|
Other Assets
|
85,463
|
|
|
68,656
|
|
|
Other Accrued Liabilities
|
526
|
|
|
—
|
|
||||
Total Asset
|
$
|
224,235
|
|
|
$
|
192,332
|
|
|
Total Liability
|
$
|
798
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basis Only Swaps
|
|
|
|
|
|
|
|
|
||||||||
Prepaid Expense
|
$
|
72
|
|
|
$
|
1,064
|
|
|
Other Accrued Liabilities
|
$
|
962
|
|
|
$
|
327
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
Natural Gas Price Swaps and Options
|
|
|
|
||||
Beginning Balance – Accumulated OCI
|
$
|
121,521
|
|
|
$
|
42,493
|
|
Loss recognized in Accumulated OCI
|
—
|
|
|
(46,965
|
)
|
||
Less: Gain (Loss) reclassified from Accumulated OCI (Net of tax: $11,213, ($10,951))
|
19,314
|
|
|
(16,313
|
)
|
||
Ending Balance – Accumulated OCI
|
$
|
102,207
|
|
|
$
|
11,841
|
|
Gain recognized in Outside Sales for ineffectiveness *
|
$
|
—
|
|
|
$
|
355
|
|
|
Fair Value Measurements at March 31, 2015
|
|
Fair Value Measurements at December 31, 2014
|
||||||||||||||||||||
Description
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||||||
Gas Derivatives
|
$
|
—
|
|
|
$
|
222,547
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
193,069
|
|
|
$
|
—
|
|
Murray Energy Guarantees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,275
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,275
|
|
|
March 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Cash and Cash Equivalents
|
$
|
5,318
|
|
|
$
|
5,318
|
|
|
$
|
176,989
|
|
|
$
|
176,989
|
|
Short-Term Notes Payable
|
$
|
(760,500
|
)
|
|
$
|
(760,500
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Borrowings Under Securitization Facility
|
$
|
(32,669
|
)
|
|
$
|
(32,669
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
|
$
|
(2,566,757
|
)
|
|
$
|
(2,398,682
|
)
|
|
$
|
(3,241,474
|
)
|
|
$
|
(3,169,154
|
)
|
|
Marcellus
Shale
|
|
Utica Shale
|
|
Coalbed Methane
|
|
Other
Gas
|
|
Total
E&P
|
|
PA Operations
|
|
VA Operations
|
|
Other
Coal
|
|
Total Coal
|
|
All
Other
|
|
Corporate,
Adjustments
&
Eliminations
|
|
Consolidated
|
|
||||||||||||||||||||||||
Sales—outside
|
$
|
137,360
|
|
|
$
|
18,603
|
|
|
$
|
74,984
|
|
|
$
|
23,633
|
|
|
$
|
254,580
|
|
|
$
|
384,437
|
|
|
$
|
80,515
|
|
|
$
|
31,714
|
|
|
$
|
496,666
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
751,246
|
|
(A)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,130
|
|
|
13,130
|
|
|
—
|
|
|
—
|
|
|
13,130
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
3,597
|
|
|
3,597
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,597
|
|
|
||||||||||||
Sales—gas royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
14,859
|
|
|
14,859
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,859
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,369
|
|
|
—
|
|
|
4,156
|
|
|
6,525
|
|
|
—
|
|
|
—
|
|
|
6,525
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
547
|
|
|
—
|
|
|
547
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(547
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
137,360
|
|
|
$
|
18,603
|
|
|
$
|
75,531
|
|
|
$
|
42,089
|
|
|
$
|
273,583
|
|
|
$
|
386,806
|
|
|
$
|
80,515
|
|
|
$
|
49,000
|
|
|
$
|
516,321
|
|
|
$
|
—
|
|
|
$
|
(547
|
)
|
|
$
|
789,357
|
|
|
Earnings (Loss) Before Income Taxes
|
$
|
42,244
|
|
|
$
|
(5,053
|
)
|
|
$
|
14,732
|
|
|
$
|
24,068
|
|
|
$
|
75,991
|
|
|
$
|
98,402
|
|
|
$
|
22,567
|
|
|
$
|
(15,087
|
)
|
|
$
|
105,882
|
|
|
$
|
102
|
|
|
$
|
(128,548
|
)
|
|
$
|
53,427
|
|
(B)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
7,530,979
|
|
|
$
|
2,100,349
|
|
|
$
|
344,098
|
|
|
$
|
1,583,303
|
|
|
$
|
4,027,750
|
|
|
$
|
78,553
|
|
|
$
|
144,114
|
|
|
$
|
11,781,396
|
|
(C)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
85,104
|
|
|
$
|
44,850
|
|
|
$
|
11,975
|
|
|
$
|
8,658
|
|
|
$
|
65,483
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
150,594
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
250,303
|
|
|
$
|
32,936
|
|
|
$
|
6,234
|
|
|
$
|
1,671
|
|
|
$
|
40,841
|
|
|
$
|
2,875
|
|
|
$
|
—
|
|
|
$
|
294,019
|
|
|
|
Marcellus
Shale
|
|
Utica
|
|
Coalbed Methane
|
|
Other
Gas
|
|
Total E&P
|
|
PA Operations
|
|
VA Operations
|
|
Other
Coal
|
|
Total
Coal
|
|
All
Other
|
|
Corporate,
Adjustments
&
Eliminations
|
|
Consolidated
|
|
||||||||||||||||||||||||
Sales—outside
|
$
|
124,957
|
|
|
$
|
7,031
|
|
|
$
|
96,071
|
|
|
$
|
38,239
|
|
|
$
|
266,298
|
|
|
$
|
412,081
|
|
|
$
|
84,505
|
|
|
$
|
38,095
|
|
|
$
|
534,681
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
800,979
|
|
(D)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,483
|
|
|
10,483
|
|
|
58,804
|
|
|
—
|
|
|
69,287
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
3,574
|
|
|
3,574
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,574
|
|
|
||||||||||||
Sales—gas royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
26,645
|
|
|
26,645
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,645
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,430
|
|
|
358
|
|
|
2,157
|
|
|
9,945
|
|
|
—
|
|
|
—
|
|
|
9,945
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
897
|
|
|
—
|
|
|
897
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,311
|
|
|
(20,208
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
124,957
|
|
|
$
|
7,031
|
|
|
$
|
96,968
|
|
|
$
|
68,458
|
|
|
$
|
297,414
|
|
|
$
|
419,511
|
|
|
$
|
84,863
|
|
|
$
|
50,735
|
|
|
$
|
555,109
|
|
|
$
|
78,115
|
|
|
$
|
(20,208
|
)
|
|
$
|
910,430
|
|
|
Earnings (Loss) Before Income Taxes
|
$
|
59,105
|
|
|
$
|
539
|
|
|
$
|
33,619
|
|
|
$
|
(13,519
|
)
|
|
$
|
79,744
|
|
|
$
|
132,790
|
|
|
$
|
(881
|
)
|
|
$
|
(21,510
|
)
|
|
$
|
110,399
|
|
|
$
|
(1,737
|
)
|
|
$
|
(58,227
|
)
|
|
$
|
130,179
|
|
(E)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
6,521,994
|
|
|
$
|
2,027,866
|
|
|
$
|
372,745
|
|
|
$
|
1,865,849
|
|
|
$
|
4,266,460
|
|
|
$
|
193,679
|
|
|
$
|
602,342
|
|
|
$
|
11,584,475
|
|
(F)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
71,729
|
|
|
$
|
35,162
|
|
|
$
|
11,712
|
|
|
$
|
9,992
|
|
|
$
|
56,866
|
|
|
$
|
521
|
|
|
$
|
—
|
|
|
$
|
129,116
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
265,970
|
|
|
$
|
174,194
|
|
|
$
|
6,242
|
|
|
$
|
3,647
|
|
|
$
|
184,083
|
|
|
$
|
976
|
|
|
$
|
—
|
|
|
$
|
451,029
|
|
|
(D)
|
Included in the Coal segment are sales of
$118,884
to Xcoal Energy & Resources, which comprises over 10% of sales.
|
(E)
|
Includes equity in earnings of unconsolidated affiliates of
$5,814
,
$2,860
and
$(1,224)
for E&P, Coal and All Other, respectively.
|
|
For the Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
Segment Earnings Before Income Taxes for total reportable business segments
|
$
|
181,873
|
|
|
$
|
190,143
|
|
Segment Earnings Before Income Taxes for all other businesses
|
102
|
|
|
(1,737
|
)
|
||
Interest (expense), net (G)
|
(55,122
|
)
|
|
(50,931
|
)
|
||
Evaluation fees for non-core asset dispositions (G)
|
(788
|
)
|
|
—
|
|
||
Other corporate items (G)
|
(4,904
|
)
|
|
(7,296
|
)
|
||
Loss on debt extinguishment
|
(67,734
|
)
|
|
—
|
|
||
Earnings Before Income Taxes
|
$
|
53,427
|
|
|
$
|
130,179
|
|
Total Assets:
|
March 31,
|
||||||
2015
|
|
2014
|
|||||
Segment assets for total reportable business segments
|
$
|
11,558,729
|
|
|
$
|
10,788,454
|
|
Segment assets for all other businesses
|
78,553
|
|
|
193,679
|
|
||
Items excluded from segment assets:
|
|
|
|
||||
Cash and other investments (G)
|
5,252
|
|
|
300,090
|
|
||
Recoverable income taxes
|
20,567
|
|
|
4,434
|
|
||
Deferred tax assets
|
74,725
|
|
|
265,226
|
|
||
Bond issuance costs
|
43,570
|
|
|
32,592
|
|
||
Total Consolidated Assets
|
$
|
11,781,396
|
|
|
$
|
11,584,475
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Revenues and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
—
|
|
|
$
|
267,194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(896
|
)
|
|
$
|
266,298
|
|
Coal Sales
|
—
|
|
|
—
|
|
|
534,681
|
|
|
—
|
|
|
—
|
|
|
534,681
|
|
||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
10,483
|
|
|
58,804
|
|
|
—
|
|
|
69,287
|
|
||||||
Gas Royalty Interests and Purchased Gas Sales
|
—
|
|
|
30,219
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,219
|
|
||||||
Freight-Outside Coal
|
—
|
|
|
—
|
|
|
9,945
|
|
|
—
|
|
|
—
|
|
|
9,945
|
|
||||||
Miscellaneous Other Income
|
169,567
|
|
|
28,157
|
|
|
24,813
|
|
|
2,302
|
|
|
(169,785
|
)
|
|
55,054
|
|
||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
3,152
|
|
|
514
|
|
|
3
|
|
|
—
|
|
|
3,669
|
|
||||||
Total Revenue and Other Income
|
169,567
|
|
|
328,722
|
|
|
580,436
|
|
|
61,109
|
|
|
(170,681
|
)
|
|
969,153
|
|
||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Lease Operating Expense
|
—
|
|
|
29,243
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,243
|
|
||||||
Transportation, Gathering and Compression
|
—
|
|
|
53,782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,782
|
|
||||||
Production, Ad Valorem, and Other Fees
|
—
|
|
|
10,187
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,187
|
|
||||||
Direct Administrative and Selling
|
—
|
|
|
11,653
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,653
|
|
||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
71,729
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,729
|
|
||||||
Exploration and Production Related Other Costs
|
—
|
|
|
3,099
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,099
|
|
||||||
Production Royalty Interests and Purchased Gas Costs
|
—
|
|
|
26,108
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
26,096
|
|
||||||
Other Corporate Expenses
|
—
|
|
|
26,164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,164
|
|
||||||
General and Administrative
|
—
|
|
|
17,364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,364
|
|
||||||
Total Exploration and Production Costs
|
—
|
|
|
249,329
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
249,317
|
|
||||||
Coal Costs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating and Other Costs
|
11,031
|
|
|
—
|
|
|
323,675
|
|
|
—
|
|
|
(896
|
)
|
|
333,810
|
|
||||||
Royalties and Production Taxes
|
—
|
|
|
—
|
|
|
26,488
|
|
|
—
|
|
|
—
|
|
|
26,488
|
|
||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
11,542
|
|
|
—
|
|
|
—
|
|
|
11,542
|
|
||||||
Depreciation, Depletion and Amortization
|
156
|
|
|
—
|
|
|
56,710
|
|
|
—
|
|
|
—
|
|
|
56,866
|
|
||||||
Freight Expense
|
—
|
|
|
—
|
|
|
9,945
|
|
|
—
|
|
|
—
|
|
|
9,945
|
|
||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
12,709
|
|
|
—
|
|
|
—
|
|
|
12,709
|
|
||||||
Other Corporate Expenses
|
19,295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,295
|
|
||||||
Total Coal Costs
|
30,482
|
|
|
—
|
|
|
441,069
|
|
|
—
|
|
|
(896
|
)
|
|
470,655
|
|
||||||
Other Costs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Miscellaneous Operating Expense
|
7,237
|
|
|
—
|
|
|
288
|
|
|
58,671
|
|
|
1,144
|
|
|
67,340
|
|
||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
—
|
|
|
210
|
|
||||||
Depreciation, Depletion and Amortization
|
6
|
|
|
—
|
|
|
42
|
|
|
473
|
|
|
—
|
|
|
521
|
|
||||||
Interest Expense
|
48,433
|
|
|
1,809
|
|
|
1,584
|
|
|
63
|
|
|
(958
|
)
|
|
50,931
|
|
||||||
Total Other Costs
|
55,676
|
|
|
1,809
|
|
|
2,124
|
|
|
59,207
|
|
|
186
|
|
|
119,002
|
|
||||||
Total Costs And Expenses
|
86,158
|
|
|
251,138
|
|
|
443,193
|
|
|
59,207
|
|
|
(722
|
)
|
|
838,974
|
|
||||||
Earnings Before Income Tax
|
83,409
|
|
|
77,584
|
|
|
137,243
|
|
|
1,902
|
|
|
(169,959
|
)
|
|
130,179
|
|
||||||
Income Taxes
|
(32,594
|
)
|
|
30,714
|
|
|
9,649
|
|
|
720
|
|
|
—
|
|
|
8,489
|
|
||||||
Income From Continuing Operations
|
116,003
|
|
|
46,870
|
|
|
127,594
|
|
|
1,182
|
|
|
(169,959
|
)
|
|
121,690
|
|
||||||
Income From Discontinued Operations, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,687
|
)
|
|
—
|
|
|
(5,687
|
)
|
||||||
Net Income (Loss)
|
$
|
116,003
|
|
|
$
|
46,870
|
|
|
$
|
127,594
|
|
|
$
|
(4,505
|
)
|
|
$
|
(169,959
|
)
|
|
$
|
116,003
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and Cash Equivalents
|
$
|
145,239
|
|
|
$
|
30,682
|
|
|
$
|
—
|
|
|
$
|
1,068
|
|
|
$
|
—
|
|
|
$
|
176,989
|
|
Accounts and Notes Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade
|
—
|
|
|
117,912
|
|
|
—
|
|
|
141,905
|
|
|
—
|
|
|
259,817
|
|
||||||
Other Receivables
|
25,497
|
|
|
309,247
|
|
|
12,390
|
|
|
12
|
|
|
—
|
|
|
347,146
|
|
||||||
Inventories
|
—
|
|
|
14,748
|
|
|
87,125
|
|
|
—
|
|
|
—
|
|
|
101,873
|
|
||||||
Recoverable Income Taxes
|
79,426
|
|
|
(59,025
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,401
|
|
||||||
Deferred Income Taxes
|
99,776
|
|
|
(33,207
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,569
|
|
||||||
Prepaid Expenses
|
38,418
|
|
|
129,796
|
|
|
25,341
|
|
|
—
|
|
|
—
|
|
|
193,555
|
|
||||||
Total Current Assets
|
388,356
|
|
|
510,153
|
|
|
124,856
|
|
|
142,985
|
|
|
—
|
|
|
1,166,350
|
|
||||||
Property, Plant and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, Plant and Equipment
|
158,555
|
|
|
8,066,308
|
|
|
6,449,914
|
|
|
—
|
|
|
—
|
|
|
14,674,777
|
|
||||||
Less-Accumulated Depreciation, Depletion and Amortization
|
108,432
|
|
|
1,497,569
|
|
|
2,906,304
|
|
|
—
|
|
|
—
|
|
|
4,512,305
|
|
||||||
Total Property, Plant and Equipment-Net
|
50,123
|
|
|
6,568,739
|
|
|
3,543,610
|
|
|
—
|
|
|
—
|
|
|
10,162,472
|
|
||||||
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in Affiliates
|
12,571,886
|
|
|
121,721
|
|
|
27,544
|
|
|
—
|
|
|
(12,568,193
|
)
|
|
152,958
|
|
||||||
Other
|
172,884
|
|
|
71,339
|
|
|
33,527
|
|
|
—
|
|
|
—
|
|
|
277,750
|
|
||||||
Total Other Assets
|
12,744,770
|
|
|
193,060
|
|
|
61,071
|
|
|
—
|
|
|
(12,568,193
|
)
|
|
430,708
|
|
||||||
Total Assets
|
$
|
13,183,249
|
|
|
$
|
7,271,952
|
|
|
$
|
3,729,537
|
|
|
$
|
142,985
|
|
|
$
|
(12,568,193
|
)
|
|
$
|
11,759,530
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts Payable
|
$
|
86,313
|
|
|
$
|
385,381
|
|
|
$
|
60,279
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
531,973
|
|
Accounts Payable (Recoverable)-Related Parties
|
4,499,174
|
|
|
182,758
|
|
|
(5,333,209
|
)
|
|
(68,873
|
)
|
|
720,150
|
|
|
—
|
|
||||||
Current Portion of Long-Term Debt
|
2,485
|
|
|
6,602
|
|
|
3,929
|
|
|
—
|
|
|
—
|
|
|
13,016
|
|
||||||
Short-Term Notes Payable
|
—
|
|
|
720,150
|
|
|
—
|
|
|
—
|
|
|
(720,150
|
)
|
|
—
|
|
||||||
Other Accrued Liabilities
|
119,484
|
|
|
172,787
|
|
|
310,701
|
|
|
—
|
|
|
—
|
|
|
602,972
|
|
||||||
Total Current Liabilities
|
4,707,456
|
|
|
1,467,678
|
|
|
(4,958,300
|
)
|
|
(68,873
|
)
|
|
—
|
|
|
1,147,961
|
|
||||||
Long-Term Debt:
|
3,124,129
|
|
|
37,342
|
|
|
114,407
|
|
|
—
|
|
|
—
|
|
|
3,275,878
|
|
||||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred Income Taxes
|
(148,925
|
)
|
|
474,517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
325,592
|
|
||||||
Postretirement Benefits Other Than Pensions
|
—
|
|
|
—
|
|
|
703,680
|
|
|
—
|
|
|
—
|
|
|
703,680
|
|
||||||
Pneumoconiosis Benefits
|
—
|
|
|
—
|
|
|
116,941
|
|
|
—
|
|
|
—
|
|
|
116,941
|
|
||||||
Mine Closing
|
—
|
|
|
—
|
|
|
306,789
|
|
|
—
|
|
|
—
|
|
|
306,789
|
|
||||||
Gas Well Closing
|
—
|
|
|
116,930
|
|
|
58,439
|
|
|
—
|
|
|
—
|
|
|
175,369
|
|
||||||
Workers’ Compensation
|
—
|
|
|
—
|
|
|
75,947
|
|
|
—
|
|
|
—
|
|
|
75,947
|
|
||||||
Salary Retirement
|
109,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,956
|
|
||||||
Reclamation
|
—
|
|
|
—
|
|
|
33,788
|
|
|
—
|
|
|
—
|
|
|
33,788
|
|
||||||
Other
|
61,175
|
|
|
94,378
|
|
|
2,618
|
|
|
—
|
|
|
—
|
|
|
158,171
|
|
||||||
Total Deferred Credits and Other Liabilities
|
22,206
|
|
|
685,825
|
|
|
1,298,202
|
|
|
—
|
|
|
—
|
|
|
2,006,233
|
|
||||||
Total CONSOL Energy Inc. Stockholders’ Equity
|
5,329,458
|
|
|
5,081,107
|
|
|
7,275,228
|
|
|
211,858
|
|
|
(12,568,193
|
)
|
|
5,329,458
|
|
||||||
Total Liabilities and Equity
|
$
|
13,183,249
|
|
|
$
|
7,271,952
|
|
|
$
|
3,729,537
|
|
|
$
|
142,985
|
|
|
$
|
(12,568,193
|
)
|
|
$
|
11,759,530
|
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Cash Provided by (Used in) Continuing Operations
|
$
|
(11,711
|
)
|
|
$
|
219,148
|
|
|
$
|
108,944
|
|
|
$
|
14,160
|
|
|
$
|
19,400
|
|
|
$
|
349,941
|
|
Net Cash Used In Discontinued Operating Activities
|
—
|
|
|
—
|
|
|
—
|
|
|
(13,839
|
)
|
|
—
|
|
|
(13,839
|
)
|
||||||
Net Cash Provided by (Used in) Operating Activities
|
$
|
(11,711
|
)
|
|
$
|
219,148
|
|
|
$
|
108,944
|
|
|
$
|
321
|
|
|
$
|
19,400
|
|
|
$
|
336,102
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital Expenditures
|
$
|
(531
|
)
|
|
$
|
(265,970
|
)
|
|
$
|
(184,508
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(451,009
|
)
|
Proceeds From Sales of Assets
|
—
|
|
|
49,470
|
|
|
76,055
|
|
|
3
|
|
|
—
|
|
|
125,528
|
|
||||||
(Investments in), net of Distributions from, Equity Affiliates
|
—
|
|
|
(12,000
|
)
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
||||||
Net Cash (Used in) Provided by Continuing Operations
|
$
|
(531
|
)
|
|
$
|
(228,500
|
)
|
|
$
|
(106,453
|
)
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
(335,481
|
)
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Payments on Miscellaneous Borrowings
|
$
|
(495
|
)
|
|
$
|
—
|
|
|
$
|
(3,947
|
)
|
|
$
|
(228
|
)
|
|
$
|
—
|
|
|
$
|
(4,670
|
)
|
Payments on Short-Term Borrowings
|
—
|
|
|
19,400
|
|
|
—
|
|
|
—
|
|
|
(19,400
|
)
|
|
—
|
|
||||||
Tax Benefit from Stock-Based Compensation
|
92
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92
|
|
||||||
Dividends (Paid)
|
(14,351
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,351
|
)
|
||||||
Proceeds from Issuance of Common Stock
|
4,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,976
|
|
||||||
Treasury Stock Activity
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Other Financing Activities
|
—
|
|
|
(1,456
|
)
|
|
1,456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net Cash (Used in) Provided by Continuing Operations
|
$
|
(9,779
|
)
|
|
$
|
17,944
|
|
|
$
|
(2,491
|
)
|
|
$
|
(228
|
)
|
|
$
|
(19,400
|
)
|
|
$
|
(13,954
|
)
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||
Net Income (Loss)
|
$
|
116,003
|
|
|
$
|
46,870
|
|
|
$
|
127,594
|
|
|
$
|
(4,505
|
)
|
|
$
|
(169,959
|
)
|
|
$
|
116,003
|
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Actuarially Determined Long-Term Liability Adjustments
|
5,119
|
|
|
—
|
|
|
5,119
|
|
|
—
|
|
|
(5,119
|
)
|
|
5,119
|
|
||||||
Net (Decrease) Increase in the Value of Cash Flow Hedge
|
(46,965
|
)
|
|
(46,965
|
)
|
|
—
|
|
|
—
|
|
|
46,965
|
|
|
(46,965
|
)
|
||||||
Reclassification of Cash Flow Hedge from OCI to Earnings
|
16,313
|
|
|
16,313
|
|
|
—
|
|
|
—
|
|
|
(16,313
|
)
|
|
16,313
|
|
||||||
Other Comprehensive (Loss) Income:
|
(25,533
|
)
|
|
(30,652
|
)
|
|
5,119
|
|
|
—
|
|
|
25,533
|
|
|
(25,533
|
)
|
||||||
Comprehensive Income (Loss)
|
$
|
90,470
|
|
|
$
|
16,218
|
|
|
$
|
132,713
|
|
|
$
|
(4,505
|
)
|
|
$
|
(144,426
|
)
|
|
$
|
90,470
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
2015
|
|
2016
|
Total Yearly Production (Bcfe) / % growth
|
|
300-310
|
|
+20%
|
Volumes Hedged (Bcf), as of 4/09/15
|
|
121.2*
|
|
110.9
|
Average Hedge Price ($/Mcf)
|
|
$4.05
|
|
$3.97
|
NYMEX PLUS BASIS HEDGES
|
|
2015
|
|
2016
|
||||
Columbia (TCO)
|
|
|
|
|
||||
Volume (Bcf)
|
|
49.6
|
|
|
76.2
|
|
||
Average Hedge Price ($/Mcf)
|
|
$
|
3.84
|
|
|
$
|
3.69
|
|
Texas Eastern (TETCO)
|
|
|
|
|
||||
Volume (Bcf)
|
|
3.5
|
|
|
—
|
|
||
Average Hedge Price ($/Mcf)
|
|
$
|
3.93
|
|
|
$
|
—
|
|
|
|
Q2 2015
|
|
2015
|
|
2016
|
||||||
Est. Total Coal Sales
|
|
7.1 - 7.7
|
|
|
30.5 - 33.0
|
|
|
30.5 - 33.0
|
|
|||
Tonnage: Firm
|
|
6.7
|
|
|
26.8
|
|
|
14.5
|
|
|||
Price: Sold (firm)
|
|
$
|
59.86
|
|
|
$
|
61.07
|
|
|
$
|
61.22
|
|
Est. PA Operations Sales
|
|
5.8 - 6.1
|
|
|
24.9 - 26.6
|
|
|
24.9 - 26.6
|
|
|||
Tonnage: Firm
|
|
5.6
|
|
|
22.6
|
|
|
12.9
|
|
|||
Est. VA Operations Sales
|
|
0.9 - 1.1
|
|
|
3.7 - 4.2
|
|
|
3.7 - 4.2
|
|
|||
Tonnage: Firm
|
|
0.6
|
|
|
2.3
|
|
|
0.8
|
|
|||
Est. Other Sales
|
|
0.4 - 0.5
|
|
|
1.9 - 2.2
|
|
|
1.9 - 2.2
|
|
|||
Tonnage: Firm
|
|
0.5
|
|
|
1.9
|
|
|
0.8
|
|
|
For the Three Months Ended March 31,
|
||||||||||
(Dollars in millions, except per share data)
|
2015
|
|
2014
|
|
Variance
|
||||||
Income from Continuing Operations
|
$
|
79
|
|
|
$
|
122
|
|
|
$
|
(43
|
)
|
Loss from Discontinued Operations, net
|
—
|
|
|
(6
|
)
|
|
6
|
|
|||
Net Income
|
$
|
79
|
|
|
$
|
116
|
|
|
$
|
(37
|
)
|
|
|
|
|
|
|
||||||
Income from Continuing Operations
|
$
|
0.34
|
|
|
$
|
0.53
|
|
|
$
|
(0.19
|
)
|
Loss from Discontinued Operations
|
—
|
|
|
(0.03
|
)
|
|
0.03
|
|
|||
Total Dilutive Earnings Per Share
|
$
|
0.34
|
|
|
$
|
0.50
|
|
|
$
|
(0.16
|
)
|
|
|
For the Three Months Ended March 31,
|
|||||||||||||
in thousands (unless noted)
|
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
LIQUIDS
|
|
|
|
|
|
|
|
|
|||||||
NGLs:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
6,525
|
|
|
1,569
|
|
|
4,956
|
|
|
315.9
|
%
|
|||
Sales Volume (Mbbls)
|
|
1,088
|
|
|
262
|
|
|
826
|
|
|
315.3
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
20.40
|
|
|
$
|
47.52
|
|
|
$
|
(27.12
|
)
|
|
(57.1
|
)%
|
Gross Revenue
|
|
$
|
22,171
|
|
|
$
|
12,424
|
|
|
$
|
9,747
|
|
|
78.5
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
Oil:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
144
|
|
|
146
|
|
|
(2
|
)
|
|
(1.4
|
)%
|
|||
Sales Volume (Mbbls)
|
|
24
|
|
|
24
|
|
|
—
|
|
|
—
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
47.82
|
|
|
$
|
90.18
|
|
|
$
|
(42.36
|
)
|
|
(47.0
|
)%
|
Gross Revenue
|
|
$
|
1,149
|
|
|
$
|
2,192
|
|
|
$
|
(1,043
|
)
|
|
(47.6
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Condensate:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
1,492
|
|
|
296
|
|
|
1,196
|
|
|
404.1
|
%
|
|||
Sales Volume (Mbbls)
|
|
249
|
|
|
49
|
|
|
200
|
|
|
408.2
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
20.82
|
|
|
$
|
70.32
|
|
|
$
|
(49.50
|
)
|
|
(70.4
|
)%
|
Gross Revenue
|
|
$
|
5,180
|
|
|
$
|
3,469
|
|
|
$
|
1,711
|
|
|
49.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
GAS
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcf)
|
|
63,456
|
|
|
46,388
|
|
|
17,068
|
|
|
36.8
|
%
|
|||
Sales Price ($/Mcf)
|
|
$
|
3.10
|
|
|
$
|
5.71
|
|
|
$
|
(2.61
|
)
|
|
(45.7
|
)%
|
Hedging Impact ($/Mcf)
|
|
$
|
0.48
|
|
|
$
|
(0.34
|
)
|
|
$
|
0.82
|
|
|
241.2
|
%
|
Gross Revenue including Hedging Impact
|
|
$
|
226,627
|
|
|
$
|
249,110
|
|
|
$
|
(22,483
|
)
|
|
(9.0
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price (per Mcfe)
|
$
|
3.56
|
|
|
$
|
5.52
|
|
|
$
|
(1.96
|
)
|
|
(35.5
|
)%
|
Average Costs (per Mcfe)
|
3.05
|
|
|
3.63
|
|
|
(0.58
|
)
|
|
(16.0
|
)%
|
|||
Margin
|
$
|
0.51
|
|
|
$
|
1.89
|
|
|
$
|
(1.38
|
)
|
|
(73.0
|
)%
|
•
|
The improvement in unit costs is primarily due to the 48.0% increase in gas sales volumes in the period-to-period comparison and the shift to lower cost Marcellus and Utica Shale production. Marcellus production made up 50.7% of natural gas and liquid sales volumes for the
three months
ended
March 31, 2015
compared to 42.9% in the
three months
ended
March 31, 2014
.
|
•
|
Depreciation, depletion and amortization decreased on a unit basis due to the increase in sales volumes from our lower cost Marcellus and Utica production. The decrease was offset, in part, by an increase in total dollars as the portion of production from higher investment cost segments continued to grow.
|
•
|
Lifting costs also decreased on unit basis in the period-to-period comparison due to the increase in volumes sold. The decrease in unit costs was partially offset by an increase in salt water disposal, well tending, and well site maintenance costs.
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price per ton sold
|
$
|
60.23
|
|
|
$
|
66.20
|
|
|
$
|
(5.97
|
)
|
|
(9.0
|
)%
|
Average Cost of Goods Sold per ton
|
43.34
|
|
|
45.14
|
|
|
(1.80
|
)
|
|
(4.0
|
)%
|
|||
Margin
|
$
|
16.89
|
|
|
$
|
21.06
|
|
|
$
|
(4.17
|
)
|
|
(19.8
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Contributions
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
(6
|
)
|
|
(85.7
|
)%
|
Employee wages and related expenses
|
12
|
|
|
11
|
|
|
1
|
|
|
9.1
|
%
|
|||
Advertising and Promotion
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
%
|
|||
Consulting and professional services
|
5
|
|
|
6
|
|
|
(1
|
)
|
|
(16.7
|
)%
|
|||
Miscellaneous
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
(25.0
|
)%
|
|||
Total Company General and Administrative Expense
|
$
|
23
|
|
|
$
|
30
|
|
|
$
|
(7
|
)
|
|
(23.3
|
)%
|
|
|
For the Three Months Ended
|
|
Difference to Three Months Ended
|
||||||||||||||||||||||||||||||||||||
|
|
March 31, 2015
|
|
March 31, 2014
|
||||||||||||||||||||||||||||||||||||
(in millions)
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total E&P
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total
E&P
|
||||||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Produced
|
|
$
|
137
|
|
|
$
|
19
|
|
|
$
|
75
|
|
|
$
|
23
|
|
|
$
|
254
|
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
(20
|
)
|
|
$
|
(15
|
)
|
|
$
|
(11
|
)
|
Related Party
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||||||
Total Outside Sales
|
|
137
|
|
|
19
|
|
|
76
|
|
|
23
|
|
|
255
|
|
|
12
|
|
|
12
|
|
|
(21
|
)
|
|
(15
|
)
|
|
(12
|
)
|
||||||||||
Unrealized Gain on Commodity Derivative Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
60
|
|
||||||||||
Gas Royalty Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(11
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||||
Other Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(17
|
)
|
||||||||||
Total Revenue and Other Income
|
|
137
|
|
|
19
|
|
|
76
|
|
|
118
|
|
|
350
|
|
|
12
|
|
|
12
|
|
|
(21
|
)
|
|
16
|
|
|
19
|
|
||||||||||
Lifting
|
|
7
|
|
|
7
|
|
|
9
|
|
|
9
|
|
|
32
|
|
|
(2
|
)
|
|
4
|
|
|
—
|
|
|
1
|
|
|
3
|
|
||||||||||
Ad Valorem, Severance, and Other Taxes
|
|
5
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
9
|
|
|
2
|
|
|
1
|
|
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
||||||||||
Transportation, Gathering and Compression
|
|
40
|
|
|
5
|
|
|
26
|
|
|
8
|
|
|
79
|
|
|
22
|
|
|
4
|
|
|
—
|
|
|
(1
|
)
|
|
25
|
|
||||||||||
Gas Direct Administrative, Selling & Other
|
|
8
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||||
Depreciation, Depletion and Amortization
|
|
35
|
|
|
10
|
|
|
22
|
|
|
18
|
|
|
85
|
|
|
7
|
|
|
9
|
|
|
(1
|
)
|
|
(2
|
)
|
|
13
|
|
||||||||||
General & Administration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||
Gas Royalty Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Exploration and Other Costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||||
Other Corporate Expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||||
Total Exploration and Production Costs
|
|
95
|
|
|
24
|
|
|
61
|
|
|
91
|
|
|
271
|
|
|
29
|
|
|
18
|
|
|
(2
|
)
|
|
(23
|
)
|
|
22
|
|
||||||||||
Interest Expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||||
Total E&P Division Costs
|
|
95
|
|
|
24
|
|
|
61
|
|
|
94
|
|
|
274
|
|
|
29
|
|
|
18
|
|
|
(2
|
)
|
|
(22
|
)
|
|
23
|
|
||||||||||
Earnings (Loss) Before Income Tax
|
|
$
|
42
|
|
|
$
|
(5
|
)
|
|
$
|
15
|
|
|
$
|
24
|
|
|
$
|
76
|
|
|
$
|
(17
|
)
|
|
$
|
(6
|
)
|
|
$
|
(19
|
)
|
|
$
|
38
|
|
|
$
|
(4
|
)
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Marcellus Gas Sales Volumes (Bcf)
|
31.6
|
|
|
19.2
|
|
|
12.4
|
|
|
64.6
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
4.1
|
|
|
1.3
|
|
|
2.8
|
|
|
215.4
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
0.6
|
|
|
0.2
|
|
|
0.4
|
|
|
200.0
|
%
|
|||
Total Marcellus Sales Volumes (Bcfe)*
|
36.3
|
|
|
20.7
|
|
|
15.6
|
|
|
75.4
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Average Sales Price - Gas (Mcf)
|
$
|
3.32
|
|
|
$
|
6.12
|
|
|
$
|
(2.80
|
)
|
|
(45.8
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.40
|
|
|
$
|
(0.30
|
)
|
|
$
|
0.70
|
|
|
233.3
|
%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
4.12
|
|
|
$
|
8.33
|
|
|
$
|
(4.21
|
)
|
|
(50.5
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
4.80
|
|
|
$
|
12.06
|
|
|
$
|
(7.26
|
)
|
|
(60.2
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Total Average Marcellus sales (per Mcfe)
|
$
|
3.78
|
|
|
$
|
6.03
|
|
|
$
|
(2.25
|
)
|
|
(37.3
|
)%
|
Average Marcellus lifting costs (per Mcfe)
|
$
|
0.21
|
|
|
$
|
0.42
|
|
|
$
|
(0.21
|
)
|
|
(50.0
|
)%
|
Average Marcellus ad valorem, severance, and other taxes (per Mcfe)
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
—
|
|
|
—
|
%
|
Average Marcellus transportation, gathering, and compression costs (per Mcfe)
|
$
|
1.09
|
|
|
$
|
0.88
|
|
|
$
|
0.21
|
|
|
23.9
|
%
|
Average Marcellus direct administrative, selling & other costs (per Mcfe)
|
$
|
0.23
|
|
|
$
|
0.38
|
|
|
$
|
(0.15
|
)
|
|
(39.5
|
)%
|
Average Marcellus depreciation, depletion and amortization costs (per Mcfe)
|
$
|
0.95
|
|
|
$
|
1.36
|
|
|
$
|
(0.41
|
)
|
|
(30.1
|
)%
|
Total Average Marcellus costs (per Mcfe)
|
$
|
2.62
|
|
|
$
|
3.18
|
|
|
$
|
(0.56
|
)
|
|
(17.6
|
)%
|
Average Margin for Marcellus (per Mcfe)
|
$
|
1.16
|
|
|
$
|
2.85
|
|
|
$
|
(1.69
|
)
|
|
(59.3
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Utica Gas Sales Volumes (Bcf)
|
6.2
|
|
|
0.8
|
|
|
5.4
|
|
|
675.0
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
2.4
|
|
|
0.3
|
|
|
2.1
|
|
|
700.0
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
0.9
|
|
|
0.1
|
|
|
0.8
|
|
|
800.0
|
%
|
|||
Total Utica Sales Volumes (Bcfe)*
|
9.5
|
|
|
1.2
|
|
|
8.3
|
|
|
691.7
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
1.75
|
|
|
$
|
5.32
|
|
|
$
|
(3.57
|
)
|
|
(67.1
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
—
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.13
|
|
|
100.0
|
%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
2.16
|
|
|
$
|
5.62
|
|
|
$
|
(3.46
|
)
|
|
(61.6
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
2.58
|
|
|
$
|
11.24
|
|
|
$
|
(8.66
|
)
|
|
(77.0
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Utica sales price (per Mcfe)
|
$
|
1.95
|
|
|
$
|
6.00
|
|
|
$
|
(4.05
|
)
|
|
(67.5
|
)%
|
Average Utica lifting costs (per Mcfe)
|
$
|
0.69
|
|
|
$
|
2.39
|
|
|
$
|
(1.70
|
)
|
|
(71.1
|
)%
|
Average Utica ad valorem, severance, and other taxes (per Mcfe)
|
$
|
0.07
|
|
|
$
|
0.39
|
|
|
$
|
(0.32
|
)
|
|
(82.1
|
)%
|
Average Utica transportation, gathering, and compression costs (per Mcfe)
|
$
|
0.49
|
|
|
$
|
0.45
|
|
|
$
|
0.04
|
|
|
8.9
|
%
|
Average Utica direct administrative, selling & other costs (per Mcfe)
|
$
|
0.16
|
|
|
$
|
0.75
|
|
|
$
|
(0.59
|
)
|
|
(78.7
|
)%
|
Average Utica depreciation, depletion and amortization costs (per Mcfe)
|
$
|
1.07
|
|
|
$
|
1.56
|
|
|
$
|
(0.49
|
)
|
|
(31.4
|
)%
|
Total Average Utica costs (per Mcfe)
|
$
|
2.48
|
|
|
$
|
5.54
|
|
|
$
|
(3.06
|
)
|
|
(55.2
|
)%
|
Average Margin for Utica (per Mcfe)
|
$
|
(0.53
|
)
|
|
$
|
0.46
|
|
|
$
|
(0.99
|
)
|
|
(215.2
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
CBM Gas Sales Volumes (Bcf)
|
18.9
|
|
|
19.8
|
|
|
(0.9
|
)
|
|
(4.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
3.28
|
|
|
$
|
5.31
|
|
|
$
|
(2.03
|
)
|
|
(38.2
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.72
|
|
|
$
|
(0.41
|
)
|
|
$
|
1.13
|
|
|
275.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
Total Average CBM sales price (per Mcf)
|
$
|
4.00
|
|
|
$
|
4.90
|
|
|
$
|
(0.90
|
)
|
|
(18.4
|
)%
|
Average CBM lifting costs (per Mcf)
|
$
|
0.50
|
|
|
$
|
0.47
|
|
|
$
|
0.03
|
|
|
6.4
|
%
|
Average CBM ad valorem, severance, and other taxes (per Mcf)
|
$
|
0.11
|
|
|
$
|
0.18
|
|
|
$
|
(0.07
|
)
|
|
(38.9
|
)%
|
Average CBM transportation, gathering, and compression costs (per Mcfe)
|
$
|
1.37
|
|
|
$
|
1.30
|
|
|
$
|
0.07
|
|
|
5.4
|
%
|
Average CBM direct administrative, selling & other costs (per Mcf)
|
$
|
0.13
|
|
|
$
|
0.11
|
|
|
$
|
0.02
|
|
|
18.2
|
%
|
Average CBM depreciation, depletion and amortization costs (per Mcf)
|
$
|
1.11
|
|
|
$
|
1.14
|
|
|
$
|
(0.03
|
)
|
|
(2.6
|
)%
|
Total Average CBM costs (per Mcf)
|
$
|
3.22
|
|
|
$
|
3.20
|
|
|
$
|
0.02
|
|
|
0.6
|
%
|
Average Margin for CBM (per Mcf)
|
$
|
0.78
|
|
|
$
|
1.70
|
|
|
$
|
(0.92
|
)
|
|
(54.1
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Other Gas Sales Volumes (Bcf)
|
6.8
|
|
|
6.6
|
|
|
0.2
|
|
|
3.0
|
%
|
|||
Oil Sales Volumes (Bcfe)*
|
0.1
|
|
|
0.1
|
|
|
—
|
|
|
—
|
%
|
|||
Total Other Sales Volumes (Bcfe)*
|
6.9
|
|
|
6.7
|
|
|
0.2
|
|
|
3.0
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
2.77
|
|
|
$
|
5.79
|
|
|
$
|
(3.02
|
)
|
|
(52.2
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.57
|
|
|
$
|
(0.29
|
)
|
|
$
|
0.86
|
|
|
296.6
|
%
|
Average Sales Price - Oil (Mcfe)*
|
$
|
8.04
|
|
|
$
|
14.48
|
|
|
$
|
(6.44
|
)
|
|
(44.5
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Other sales price (per Mcfe)
|
$
|
3.42
|
|
|
$
|
5.70
|
|
|
$
|
(2.28
|
)
|
|
(40.0
|
)%
|
Average Other lifting costs (per Mcfe)
|
$
|
1.17
|
|
|
$
|
1.26
|
|
|
$
|
(0.09
|
)
|
|
(7.1
|
)%
|
Average Other ad valorem, severance, and other taxes (per Mcfe)
|
$
|
0.22
|
|
|
$
|
0.48
|
|
|
$
|
(0.26
|
)
|
|
(54.2
|
)%
|
Average Other transportation, gathering, and compression costs (per Mcfe)
|
$
|
1.23
|
|
|
$
|
1.40
|
|
|
$
|
(0.17
|
)
|
|
(12.1
|
)%
|
Average Other direct administrative, selling & other costs (per Mcfe)
|
$
|
0.34
|
|
|
$
|
0.10
|
|
|
$
|
0.24
|
|
|
240.0
|
%
|
Average Other depreciation, depletion and amortization costs (per Mcfe)
|
$
|
2.64
|
|
|
$
|
2.72
|
|
|
$
|
(0.08
|
)
|
|
(2.9
|
)%
|
Total Average Other costs (per Mcfe)
|
$
|
5.60
|
|
|
$
|
5.96
|
|
|
$
|
(0.36
|
)
|
|
(6.0
|
)%
|
Average Margin for Other (per Mcfe)
|
$
|
(2.18
|
)
|
|
$
|
(0.26
|
)
|
|
$
|
(1.92
|
)
|
|
(738.5
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Gas Royalty Interest Sales Volumes (in billion cubic feet)
|
5.4
|
|
|
4.2
|
|
|
1.2
|
|
|
28.6
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
2.76
|
|
|
$
|
6.33
|
|
|
$
|
(3.57
|
)
|
|
(56.4
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Sales Volumes (in billion cubic feet)
|
0.7
|
|
|
0.4
|
|
|
0.3
|
|
|
75.0
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
4.81
|
|
|
$
|
9.67
|
|
|
$
|
(4.86
|
)
|
|
(50.3
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Gathering Revenue
|
$
|
6
|
|
|
$
|
19
|
|
|
$
|
(13
|
)
|
|
(68.4
|
)%
|
Gain on Sale of Assets
|
1
|
|
|
3
|
|
|
(2
|
)
|
|
(66.7
|
)%
|
|||
Equity in Earnings of Affiliates
|
8
|
|
|
6
|
|
|
2
|
|
|
33.3
|
%
|
|||
Other
|
2
|
|
|
6
|
|
|
(4
|
)
|
|
(66.7
|
)%
|
|||
Total Other Income
|
$
|
17
|
|
|
$
|
34
|
|
|
$
|
(17
|
)
|
|
(50.0
|
)%
|
•
|
Gathering revenue decreased
$13
million primarily due to a decrease in revenue related to certain gathering arrangements.
|
•
|
Gain on sale of assets decreased
$2
million due to various transactions that occurred throughout both periods, none of which were individually significant.
|
•
|
Earnings from our equity affiliates increased
$2
million primarily due to an increase in earnings from CONE Midstream Partners, LP. and CONE Gathering, LLC. See Note 17 - Related Party Transactions of the Notes to the Unaudited Consolidated Financial Statements in Item 1 of this Form 10-Q for additional information.
|
•
|
The remaining $
4
million decrease relates to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Gas Royalty Interest Sales Volumes (in billion cubic feet)
|
5.4
|
|
|
4.2
|
|
|
1.2
|
|
|
28.6
|
%
|
|||
Average Cost Per thousand cubic feet sold
|
$
|
2.44
|
|
|
$
|
5.49
|
|
|
$
|
(3.05
|
)
|
|
(55.6
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Volumes (in billion cubic feet)
|
0.7
|
|
|
0.4
|
|
|
0.3
|
|
|
75.0
|
%
|
|||
Average Cost Per thousand cubic feet sold
|
$
|
3.96
|
|
|
$
|
8.12
|
|
|
$
|
(4.16
|
)
|
|
(51.2
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Land Rentals
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
—
|
%
|
Lease Expiration Costs
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
|||
Other
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(100.0
|
)%
|
|||
Total Exploration and Other Costs
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
(33.3
|
)%
|
•
|
Land rental costs remained consistent in the period-to-period comparison.
|
•
|
Lease expiration costs remained consistent in the period-to-period comparison.
|
•
|
The remaining $
1
million decrease related to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Short-Term Incentive Compensation
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
(83.3
|
)%
|
Stock-Based Compensation
|
4
|
|
|
6
|
|
|
(2
|
)
|
|
(33.3
|
)%
|
|||
Bank Fees
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100.0
|
)%
|
|||
Unutilized Firm Transportation and Processing Fees
|
10
|
|
|
10
|
|
|
—
|
|
|
—
|
%
|
|||
Other
|
4
|
|
|
2
|
|
|
2
|
|
|
100.0
|
%
|
|||
Total Other Corporate Expenses
|
$
|
19
|
|
|
$
|
26
|
|
|
$
|
(7
|
)
|
|
(26.9
|
)%
|
•
|
The short term incentive compensation program is designed to increase compensation to eligible employees when CNX Gas reaches predetermined targets for, production, safety, and compliance. Short term incentive compensation expense was lower for the 2015 period compared to the 2014 period due to lower payouts.
|
•
|
Stock-based compensation decreased $
2
million in the period-to-period comparison primarily due to less accelerated expense for retiree eligible employees under our current plans.
|
•
|
Bank fees decreased $
2
million due to various items that occurred throughout both periods, none of which were individually material.
|
•
|
Unutilized firm transportation costs represent pipeline transportation capacity the E&P division has obtained to enable gas production to flow uninterrupted as sales volumes increase, as well as additional processing capacity for natural gas liquids. Unutilized firm transportation and processing fees remained consistent in the period-to-period comparison.
|
•
|
Other corporate related expenses increased $
2
million due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended
|
|
Difference to Three Months Ended
|
||||||||||||||||||||||||||||
|
March 31, 2015
|
|
March 31, 2014
|
||||||||||||||||||||||||||||
(in millions)
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Produced Coal
|
$
|
384
|
|
|
$
|
81
|
|
|
$
|
30
|
|
|
$
|
495
|
|
|
$
|
(28
|
)
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
$
|
(36
|
)
|
Purchased Coal
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||
Total Coal Sales
|
384
|
|
|
81
|
|
|
32
|
|
|
497
|
|
|
(28
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(38
|
)
|
||||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||||
Freight Revenue
|
2
|
|
|
—
|
|
|
5
|
|
|
7
|
|
|
(5
|
)
|
|
—
|
|
|
2
|
|
|
(3
|
)
|
||||||||
Miscellaneous Other Income
|
2
|
|
|
—
|
|
|
18
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||
Gain on Sale of Assets
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||
Total Revenue and Other Income
|
388
|
|
|
81
|
|
|
69
|
|
|
538
|
|
|
(34
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
(45
|
)
|
||||||||
Cost of Coal Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Costs
|
217
|
|
|
36
|
|
|
20
|
|
|
273
|
|
|
18
|
|
|
(20
|
)
|
|
(7
|
)
|
|
(9
|
)
|
||||||||
Direct Administrative and Selling
|
6
|
|
|
1
|
|
|
1
|
|
|
8
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
||||||||
Total Royalty/Production Taxes
|
14
|
|
|
5
|
|
|
3
|
|
|
22
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||||
Depreciation, Depletion and Amortization
|
42
|
|
|
9
|
|
|
2
|
|
|
53
|
|
|
9
|
|
|
(1
|
)
|
|
1
|
|
|
9
|
|
||||||||
Total Cost of Coal Sold:
|
279
|
|
|
51
|
|
|
26
|
|
|
356
|
|
|
22
|
|
|
(22
|
)
|
|
(6
|
)
|
|
(6
|
)
|
||||||||
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Costs
|
(4
|
)
|
|
—
|
|
|
43
|
|
|
39
|
|
|
(7
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(12
|
)
|
||||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||||
Depreciation, Depletion and Amortization
|
3
|
|
|
3
|
|
|
6
|
|
|
12
|
|
|
1
|
|
|
1
|
|
|
(3
|
)
|
|
(1
|
)
|
||||||||
Total Other Costs and Expenses:
|
(1
|
)
|
|
3
|
|
|
50
|
|
|
52
|
|
|
(7
|
)
|
|
(1
|
)
|
|
(6
|
)
|
|
(14
|
)
|
||||||||
General and Administrative Expense
|
5
|
|
|
1
|
|
|
1
|
|
|
7
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
(6
|
)
|
||||||||
Other Corporate Expense
|
5
|
|
|
3
|
|
|
1
|
|
|
9
|
|
|
(8
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(10
|
)
|
||||||||
Freight Expense
|
2
|
|
|
—
|
|
|
5
|
|
|
7
|
|
|
(5
|
)
|
|
—
|
|
|
2
|
|
|
(3
|
)
|
||||||||
Total Costs
|
290
|
|
|
58
|
|
|
83
|
|
|
431
|
|
|
1
|
|
|
(25
|
)
|
|
(15
|
)
|
|
(39
|
)
|
||||||||
Earnings (Loss) Before Income Taxes
|
$
|
98
|
|
|
$
|
23
|
|
|
$
|
(14
|
)
|
|
$
|
107
|
|
|
$
|
(35
|
)
|
|
$
|
22
|
|
|
$
|
7
|
|
|
$
|
(6
|
)
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced PA Operations Tons Sold (in millions)
|
6.5
|
|
|
6.4
|
|
|
0.1
|
|
|
1.6
|
%
|
|||
Average Sales Price Per PA Operations Ton Sold
|
$
|
58.82
|
|
|
$
|
64.66
|
|
|
$
|
(5.84
|
)
|
|
(9.0
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
33.08
|
|
|
$
|
31.20
|
|
|
$
|
1.88
|
|
|
6.0
|
%
|
Total Direct Administration and Selling Costs Per Ton Sold
|
0.98
|
|
|
1.16
|
|
|
(0.18
|
)
|
|
(15.5
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
2.18
|
|
|
2.85
|
|
|
(0.67
|
)
|
|
(23.5
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
6.49
|
|
|
5.08
|
|
|
1.41
|
|
|
27.8
|
%
|
|||
Total Costs Per PA Operations Ton Sold
|
$
|
42.73
|
|
|
$
|
40.29
|
|
|
$
|
2.44
|
|
|
6.1
|
%
|
Average Margin Per PA Operations Ton Sold
|
$
|
16.09
|
|
|
$
|
24.37
|
|
|
$
|
(8.28
|
)
|
|
(34.0
|
)%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced VA Operations Tons Sold (in millions)
|
1.2
|
|
|
1.1
|
|
|
0.1
|
|
|
9.1
|
%
|
|||
Average Sales Price Per VA Operations Ton Sold
|
$
|
67.47
|
|
|
$
|
76.80
|
|
|
$
|
(9.33
|
)
|
|
(12.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
30.37
|
|
|
$
|
51.77
|
|
|
$
|
(21.40
|
)
|
|
(41.3
|
)%
|
Total Direct Administration and Selling Costs Per Ton Sold
|
0.93
|
|
|
1.50
|
|
|
(0.57
|
)
|
|
(38.0
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
3.92
|
|
|
4.57
|
|
|
(0.65
|
)
|
|
(14.2
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
7.09
|
|
|
8.57
|
|
|
(1.48
|
)
|
|
(17.3
|
)%
|
|||
Total Costs Per VA Operations Ton Sold
|
$
|
42.31
|
|
|
$
|
66.41
|
|
|
$
|
(24.10
|
)
|
|
(36.3
|
)%
|
Average Margin Per VA Operations Ton Sold
|
$
|
25.16
|
|
|
$
|
10.39
|
|
|
$
|
14.77
|
|
|
142.2
|
%
|
|
For the Three Months Ended March 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced Other Operations Tons Sold (in millions)
|
0.5
|
|
|
0.5
|
|
|
—
|
|
|
—
|
%
|
|||
Average Sales Price Per Other Operations Ton Sold
|
$
|
61.54
|
|
|
$
|
62.90
|
|
|
$
|
(1.36
|
)
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
45.19
|
|
|
$
|
49.22
|
|
|
$
|
(4.03
|
)
|
|
(8.2
|
)%
|
Total Direct Administration and Selling Costs Per Ton Sold
|
0.88
|
|
|
1.23
|
|
|
(0.35
|
)
|
|
(28.5
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
5.14
|
|
|
5.38
|
|
|
(0.24
|
)
|
|
(4.5
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
2.95
|
|
|
3.46
|
|
|
(0.51
|
)
|
|
(14.7
|
)%
|
|||
Total Costs Per Other Operations Ton Sold
|
$
|
54.16
|
|
|
$
|
59.29
|
|
|
$
|
(5.13
|
)
|
|
(8.7
|
)%
|
Average Margin Per Other Operations Ton Sold
|
$
|
7.38
|
|
|
$
|
3.61
|
|
|
$
|
3.77
|
|
|
104.4
|
%
|
|
|
For the Three Months Ended March 31,
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Rental Income
|
|
$
|
9
|
|
|
$
|
14
|
|
|
$
|
(5
|
)
|
Royalty Income
|
|
4
|
|
|
5
|
|
|
(1
|
)
|
|||
Equity in earnings of affiliates
|
|
3
|
|
|
3
|
|
|
—
|
|
|||
Other
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|||
Total Other Income
|
|
$
|
18
|
|
|
$
|
25
|
|
|
$
|
(7
|
)
|
•
|
Rental income decreased
$5 million
due to more equipment leased and equipment subleased to a third-party in 2014.
|
•
|
Royalty income decreased
$1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Equity in earnings of affiliates remained consistent in the period-to-period comparison.
|
•
|
Other income decreased
$1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
|
For the Three Months Ended March 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Purchased Coal
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
Depreciation, Depletion & Amortization
|
|
6
|
|
|
9
|
|
|
(3
|
)
|
|||
Lease Rental Expense
|
|
7
|
|
|
9
|
|
|
(2
|
)
|
|||
Coal Terminal Operations
|
|
6
|
|
|
7
|
|
|
(1
|
)
|
|||
Closed and Idle Mines
|
|
14
|
|
|
14
|
|
|
—
|
|
|||
Coal Reserve Holding Costs
|
|
2
|
|
|
2
|
|
|
—
|
|
|||
Pension and OPEB Plan
|
|
8
|
|
|
—
|
|
|
8
|
|
|||
Other
|
|
6
|
|
|
9
|
|
|
(3
|
)
|
|||
Total Other Costs
|
|
$
|
50
|
|
|
$
|
56
|
|
|
$
|
(6
|
)
|
•
|
Purchased coal costs decreased
$5 million
due to lower volumes of coal that needed to be purchased to fulfill various contracts.
|
•
|
Depreciation, depletion, and amortization decreased
$3 million
primarily due to fewer assets placed in service in the period-to-period comparison.
|
•
|
Lease rental expense decreased
$2 million
primarily due to fewer equipment leases that were subleased to a third-party in 2015.
|
•
|
Coal terminal operations costs decreased
$1 million
due to decreased thru-put volumes in the current quarter.
|
•
|
Pension and OPEB plan expense of
$8 million
is the actuarially-calculated amortization due to modifications made to the Pension and OPEB plans in September 2014. Refer to the discussion of total Company long-term liabilities for continuing operations contained in the section "Net Income"
of this quarterly report for more information.
|
•
|
Other decreased
$3 million
in the period-to-period comparison due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Sales—Outside
|
$
|
1
|
|
|
$
|
58
|
|
|
$
|
(57
|
)
|
|
(98.3
|
)%
|
Other Income
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(100.0
|
)%
|
|||
Total Revenue
|
1
|
|
|
59
|
|
|
(58
|
)
|
|
(98.3
|
)%
|
|||
Miscellaneous Operating Expense
|
10
|
|
|
67
|
|
|
(57
|
)
|
|
(85.1
|
)%
|
|||
Depreciation, Depletion & Amortization
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
(100.0
|
)%
|
|||
Loss on Debt Extinguishment
|
68
|
|
|
—
|
|
|
68
|
|
|
100.0
|
%
|
|||
Interest Expense
|
52
|
|
|
49
|
|
|
3
|
|
|
6.1
|
%
|
|||
Total Costs
|
130
|
|
|
117
|
|
|
13
|
|
|
11.1
|
%
|
|||
Loss Before Income Tax
|
(129
|
)
|
|
(58
|
)
|
|
(71
|
)
|
|
(122.4
|
)%
|
|||
Income Tax
|
(26
|
)
|
|
8
|
|
|
(34
|
)
|
|
(425.0
|
)%
|
|||
Net Loss
|
$
|
(103
|
)
|
|
$
|
(66
|
)
|
|
$
|
(37
|
)
|
|
(56.1
|
)%
|
|
|
For the Three Months Ended March 31,
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Loss on Extinguishment of Debt
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
68
|
|
Pension Expense
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Interest Expense
|
|
52
|
|
|
49
|
|
|
3
|
|
|||
Bank Fees
|
|
4
|
|
|
4
|
|
|
—
|
|
|||
Industrial Supplies
|
|
—
|
|
|
58
|
|
|
(58
|
)
|
|||
Other
|
|
1
|
|
|
6
|
|
|
(5
|
)
|
|||
|
|
$
|
130
|
|
|
$
|
117
|
|
|
$
|
13
|
|
•
|
Loss on Extinguishment of Debt of
$68 million
was recognized in the three months ended
March 31, 2015
related to the early extinguishment of debt due to the partial purchase of the 8.25% senior notes that were due in 2020 at a price equal to 104.6% of the principal amount and the partial purchase of the 6.375% senior notes that were due in 2021 at a price equal to 105.0% of the principal amount. No such transactions took place in the prior period.
|
•
|
Actuarially-calculated amortization of
$5 million
was included in the Other Division in the three months ended
March 31, 2015
due to modifications made to the Pension plan in September 2014. Refer to the discussion of total Company long-term liabilities for continuing operation contained in the section "Net Income"
of this quarterly report for more information.
|
•
|
Interest expense increased
$3 million
in the period-to-period comparison primarily due to the decrease in capitalized interest related to the Harvey Mine going into production in 2014. The increase was offset, in part, by the early payoff of the 2017 bonds and partial purchase of the 2020 bonds. The increase was also offset, in part, by a decrease in interest expense also related to the additional bonds, due 2022, issued in April 2014 and August 2014 which have a lower interest rate than the 2017 and the 2020 bonds.
|
•
|
Bank Fees remained consistent in the period-to-period comparison.
|
•
|
There were no Industrial Supplies costs in the three months ended
March 31, 2015
and
$58 million
in the three months ended
March 31, 2014
. The decrease is due to the divestiture of our industrial supplies subsidiary in December 2014.
|
•
|
Other corporate items decreased
$5 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended March 31,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Total Company Earnings Before Income Tax
|
$
|
53
|
|
|
$
|
130
|
|
|
$
|
(77
|
)
|
|
(59.1
|
)%
|
Income Tax (Benefit) Expense
|
$
|
(26
|
)
|
|
$
|
8
|
|
|
$
|
(34
|
)
|
|
(425.0
|
)%
|
Effective Income Tax Rate
|
(47.9
|
)%
|
|
6.5
|
%
|
|
(54.4
|
)%
|
|
|
|
For the Three Months Ended March 31,
|
||||||||||
|
2015
|
|
2014
|
|
Change
|
||||||
Cash flows from operating activities
|
$
|
228
|
|
|
$
|
336
|
|
|
$
|
(108
|
)
|
Cash used in investing activities
|
$
|
(320
|
)
|
|
$
|
(335
|
)
|
|
$
|
15
|
|
Cash used in financing activities
|
$
|
(80
|
)
|
|
$
|
(14
|
)
|
|
$
|
(66
|
)
|
•
|
Net income decreased $37 million in the period-to-period comparison.
|
•
|
Adjustments to reconcile net income to cash flow provided by operating activities increased $68 million due to the loss on extinguishment of debt and additional depreciation, depletion, and amortization of $21 million. The increase was offset, in part, by a decrease of $60 million due to the unrealized gain on commodity derivative instruments
|
•
|
Other changes in operating assets, operating liabilities, other assets and other liabilities which occurred throughout both periods also contributed to the decrease in operating cash flows.
|
•
|
Capital expenditures decreased $157 million in the period-to-period comparison due to:
|
◦
|
Gas segment capital expenditures decreased $16 million. This is due to decreased expenditures in the Marcellus and Utica plays and various transactions that occurred throughout both periods.
|
◦
|
Coal segment capital expenditures decreased $143 million. This was comprised of a $95 million decrease of equipment expenditures at the Harvey Mine mainly due to the acquisition of the Harvey Mine longwall shields in 2014. Capital projects at the Harvey Mine also decreased $31 million due to its completion in the first quarter of 2014. The remaining $17 million decrease is due to various other projects that occurred throughout both periods.
|
◦
|
Other capital expenditures increased $2 million due to various miscellaneous transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Proceeds from the sale of assets decreased $123 million in the period-to-period comparison primarily due to $75 million received in March 2014 related to the Harvey Mine shield sale-leaseback as well as $46 million received in January 2014 as reimbursement from Noble Energy for 50% of the Dominion Resources lease acquisition. The remaining $2 million decrease is due to various other transactions that occurred throughout both periods. See Note 2 - Acquisitions and Dispositions, in the Notes to the Unaudited Consolidated Financial Statements included in this Form 10-Q for more information.
|
•
|
Cash used by equity affiliates increased $18 million due to an additional $30 million of capital contributions to CONE Midstream Partners, LP coupled with a decrease of $8 million in capital contributions to CONE Gathering, LLC in the period ended March 31, 2015 compared to the period ended March 31, 2014. These contributions were offset in part by $4 million of additional distributions from various equity partners in the period ended March 31, 2015 compared to the period ended March 31, 2014.
|
•
|
In the three months ended March 31, 2015, CONSOL Energy received $761 million of proceeds from the senior secured credit facility. There were no borrowings as of March 31, 2014.
|
•
|
In the three months ended March 31, 2015, CONSOL Energy had net payments of $768 million related to the partial extinguishment of the 2020 and 2021 Bonds offset, in part, by the issuance of the 2023 bonds. See Note 11 - Long-Term Debt in the Notes to the Unaudited Consolidated Financial Statements of this Form 10-Q for additional details.
|
•
|
In the three months ended March 31, 2015, CONSOL Energy repurchased $72 million of its common stock on the open market under the previously announced share repurchase program. No repurchases were made as of March 31, 2014.
|
•
|
In the three months ended March 31, 2015, CONSOL Energy had proceeds of $33 million under the accounts receivable securitization facility. There were no borrowings under this facility as of March 31, 2014.
|
•
|
In the three months ended March 31, 2015, CONSOL Energy paid $18 million in debt issuance and financing fees related to the issuance of the 2023 bonds and other debt restructuring.
|
•
|
The remaining changes are due to various transactions that occurred throughout both periods.
|
|
Payments due by Year
|
||||||||||||||||||
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
|
Total
|
||||||||||
Purchase Order Firm Commitments
|
$
|
149,542
|
|
|
$
|
101,628
|
|
|
$
|
13,556
|
|
|
$
|
1,255
|
|
|
$
|
265,981
|
|
Gas Firm Transportation and Processing
|
114,443
|
|
|
212,456
|
|
|
184,367
|
|
|
625,365
|
|
|
1,136,631
|
|
|||||
Long-Term Debt
|
4,171
|
|
|
6,652
|
|
|
1,365
|
|
|
2,554,569
|
|
|
2,566,757
|
|
|||||
Interest on Long-Term Debt
|
191,264
|
|
|
325,272
|
|
|
324,985
|
|
|
452,012
|
|
|
1,293,533
|
|
|||||
Capital (Finance) Lease Obligations
|
8,166
|
|
|
14,435
|
|
|
13,466
|
|
|
10,953
|
|
|
47,020
|
|
|||||
Interest on Capital (Finance) Lease Obligations
|
3,028
|
|
|
4,429
|
|
|
2,650
|
|
|
678
|
|
|
10,785
|
|
|||||
Operating Lease Obligations
|
103,978
|
|
|
173,799
|
|
|
74,322
|
|
|
75,460
|
|
|
427,559
|
|
|||||
Long-Term Liabilities—Employee Related (a)
|
83,660
|
|
|
162,147
|
|
|
167,360
|
|
|
577,093
|
|
|
990,260
|
|
|||||
Other Long-Term Liabilities (b)
|
297,140
|
|
|
237,103
|
|
|
83,420
|
|
|
339,175
|
|
|
956,838
|
|
|||||
Total Contractual Obligations (c)
|
$
|
955,392
|
|
|
$
|
1,237,921
|
|
|
$
|
865,491
|
|
|
$
|
4,636,560
|
|
|
$
|
7,695,364
|
|
(a)
|
Long-Term Liabilities - Employee Related include other post-employment benefits, work-related injuries and illnesses. Estimated salaried retirement contributions required to meet minimum funding standards under ERISA are excluded from the pay-out table due to the uncertainty regarding amounts to be contributed. Additional contributions to the pension trust are not expected to be significant for the remainder of
2015
.
|
(b)
|
Other long-term liabilities include mine reclamation and closure and other long-term liability costs.
|
(c)
|
The significant obligation table does not include obligations to taxing authorities due to the uncertainty surrounding the ultimate settlement of amounts and timing of these obligations.
|
•
|
An aggregate principal amount of $
77
million
of
8.25%
senior unsecured notes due in April 2020. Interest on the notes is payable April 1 and October 1 of each year. Payment of the principal and interest on the notes are guaranteed by most of CONSOL Energy’s subsidiaries.
|
•
|
An aggregate principal amount of $
21
million
of
6.375%
notes due in March 2021. Interest on the notes is payable March 1 and September 1 of each year. Payment of the principal and interest on the notes are guaranteed by most of CONSOL Energy's subsidiaries.
|
•
|
An aggregate principal amount of
$1,850
million
of
5.875%
notes due in April 2022 plus
$6
million of unamortized bond premium. Interest on the notes is payable April 15 and October 15 of each year. Payment of the principal and interest on the notes are guaranteed by most of CONSOL Energy's subsidiaries.
|
•
|
An aggregate principal amount of $
500
million
of
8.00%
senior unsecured notes due in April 2023 less
$7
million of unamortized bond discount. Interest on the notes is payable April 1 and October 1 of each year. Payment of the principal and interest on the notes are guaranteed by most of CONSOL Energy’s subsidiaries.
|
•
|
An aggregate principal amount of $
103
million
of industrial revenue bonds which were issued to finance the Baltimore port facility and bear interest at
5.75%
per annum and mature in September 2025. Interest on the industrial revenue bonds is payable March 1 and September 1 of each year.
|
•
|
Advance royalty commitments of $
13
million
with an average interest rate of
7.91%
per annum.
|
•
|
An aggregate principal amount of $
4
million
on other various rate notes maturing through March 2018.
|
•
|
An aggregate principal amount of $
47
million
of capital leases with a weighted average interest rate of
6.44%
per annum.
|
Declaration Date
|
|
Amount Per Share
|
|
Record Date
|
|
Payment Date
|
||
February 2, 2015
|
|
$
|
0.0625
|
|
|
February 17, 2015
|
|
March 5, 2015
|
April 29, 2015
|
|
$
|
0.0625
|
|
|
May 11, 2015
|
|
May 21, 2015
|
•
|
deterioration in economic conditions in any of the industries in which our customers operate may decrease demand for our products, impair our ability to collect customer receivables and impair our ability to access capital;
|
•
|
prices for natural gas, natural gas liquids and coal are volatile and can fluctuate widely based upon a number of factors beyond our control including oversupply relative to the demand available for our products, weather and the price and availability of alternative fuels. An extended decline in the prices we receive for our natural gas, natural gas liquids and coal affecting our operating results and cash flows;
|
•
|
foreign currency fluctuations could adversely affect the competitiveness of our coal abroad;
|
•
|
our customers extending existing contracts or entering into new long-term contracts for coal;
|
•
|
our reliance on major customers;
|
•
|
our inability to collect payments from customers if their creditworthiness declines;
|
•
|
the disruption of rail, barge, gathering, processing and transportation facilities and other systems that deliver our natural gas and coal to market;
|
•
|
a loss of our competitive position because of the competitive nature of the natural gas and coal industries, or a loss of our competitive position because of overcapacity in these industries impairing our profitability;
|
•
|
coal users switching to other fuels in order to comply with various environmental standards related to coal combustion emissions;
|
•
|
the impact of potential, as well as any adopted regulations relating to greenhouse gas emissions on the demand for natural gas and coal;
|
•
|
the risks inherent in natural gas and coal operations, including our reliance upon third party contractors, being subject to unexpected disruptions, including geological conditions, equipment failure, timing of completion of significant construction or repair of equipment, fires, explosions, accidents and weather conditions which could impact financial results;
|
•
|
decreases in the availability of, or increases in, the price of commodities or capital equipment used in our mining operations;
|
•
|
obtaining and renewing governmental permits and approvals for our natural gas and coal operations;
|
•
|
the effects of government regulation on the discharge into the water or air, and the disposal and clean-up of, hazardous substances and wastes generated during our natural gas and coal operations;
|
•
|
our ability to find adequate water sources for our use in gas drilling, or our ability to dispose of water used or removed from strata in connection with our gas operations at a reasonable cost and within applicable environmental rules;
|
•
|
the effects of stringent federal and state employee health and safety regulations, including the ability of regulators to shut down a mine;
|
•
|
the potential for liabilities arising from environmental contamination or alleged environmental contamination in connection with our past or current gas and coal operations;
|
•
|
the effects of mine closing, reclamation, gas well closing and certain other liabilities;
|
•
|
uncertainties in estimating our economically recoverable gas, oil and coal reserves;
|
•
|
defects may exist in our chain of title and we may incur additional costs associated with perfecting title for gas rights on some of our properties or failing to acquire these additional rights may result in a reduction of our estimated reserves;
|
•
|
the outcomes of various legal proceedings, which are more fully described in our reports filed under the Securities Exchange Act of 1934;
|
•
|
increased exposure to employee-related long-term liabilities;
|
•
|
lump sum payments made to retiring salaried employees pursuant to our defined benefit pension plan exceeding total service and interest cost in a plan year;
|
•
|
acquisitions that we recently have completed or may make in the future including the accuracy of our assessment of the acquired businesses and their risks, achieving any anticipated synergies, integrating the acquisitions and unanticipated changes that could affect assumptions we may have made and divestitures we anticipate may not occur or produce anticipated proceeds;
|
•
|
the terms of our existing joint ventures restrict our flexibility, actions taken by the other party in our gas joint ventures may impact our financial position and various circumstances could cause us not to realize the benefits we anticipate receiving from these joint ventures;
|
•
|
risks associated with our debt;
|
•
|
replacing our gas and oil reserves, which if not replaced, will cause our gas and oil reserves and production to decline;
|
•
|
our hedging activities may prevent us from benefiting from price increases and may expose us to other risks;
|
•
|
changes in federal or state income tax laws, particularly in the area of percentage depletion and intangible drilling costs, could cause our financial position and profitability to deteriorate;
|
•
|
failure to appropriately allocate capital and other resources among our strategic opportunities may adversely affect our financial condition;
|
•
|
failure by Murray Energy to satisfy liabilities it acquired from us, or failure to perform its obligations under various arrangements, which we guaranteed, could materially or adversely affect our results of operations, financial position, and cash flows;
|
•
|
information theft, data corruption, operational disruption and/or financial loss resulting from a terrorist attack or cyber incident;
|
•
|
operating in a single geographic area;
|
•
|
our inability to complete the initial public offering of CNX Coal Resources LP (CNXC) owning certain of our thermal coal assets or an initial public offering of the subsidiary owning certain of our metallurgical coal assets (Metco); and
|
•
|
other factors discussed in the 2014 Form 10-K under “Risk Factors,” as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
For the Three Months Ended
|
|
|
||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
|
Total Year
|
||||||||||
2015 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
N/A
|
|
30,224,666
|
|
|
30,556,805
|
|
|
30,556,805
|
|
|
91,338,276
|
|
||||||
Weighted Average Hedge Price per Mcf
|
N/A
|
|
$
|
4.05
|
|
|
$
|
4.05
|
|
|
$
|
4.05
|
|
|
$
|
4.05
|
|
||
2016 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
27,569,465
|
|
|
27,569,465
|
|
|
27,872,426
|
|
|
27,872,426
|
|
|
110,883,782
|
|
|||||
Weighted Average Hedge Price per Mcf
|
$
|
3.97
|
|
|
$
|
3.97
|
|
|
$
|
3.97
|
|
|
$
|
3.97
|
|
|
$
|
3.97
|
|
2017 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
2,727,273
|
|
|
2,757,576
|
|
|
2,787,879
|
|
|
2,787,879
|
|
|
11,060,607
|
|
|||||
Weighted Average Hedge Price per Mcf
|
$
|
3.08
|
|
|
$
|
3.08
|
|
|
$
|
3.08
|
|
|
$
|
3.08
|
|
|
$
|
3.08
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||||||||
|
(a)
|
(b)
|
(c)
|
(d)
|
||||||
Period
|
Total Number of Shares Purchased
(1)
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (000's omitted)
(2)
|
||||||
January 1, 2015 - January 31, 2015
|
—
|
|
—
|
|
—
|
|
$
|
250,000
|
|
|
February 1, 2015 - February 28, 2015
|
1,693,100
|
|
$
|
32.92
|
|
1,693,100
|
|
$
|
194,269
|
|
March 1, 2015 - March 31, 2015
|
520,000
|
|
$
|
30.57
|
|
2,213,100
|
|
$
|
178,370
|
|
Total
|
2,213,100
|
|
$
|
32.37
|
|
|
|
ITEM 6.
|
EXHIBITS
|
4.1
|
|
|
Indenture, dated as of March 30, 2015, among CONSOL Energy Inc., the subsidiary guarantors party thereto and Well Fargo, National Association, as Trustee, incorporated by reference to Exhibit 4.1 to Form 8-K (file no. 001-14901) filed on March 30, 2015.
|
|
|
|
|
4.2
|
|
|
Registration Rights Agreement, dated as of March 30, 2015, among CONSOL Energy Inc., the subsidiary guarantors party thereto and Goldman, Sachs & Co. as the initial purchaser named therein, incorporated by reference to Exhibit 4.2 to Form 8-K (file no. 001-14901) filed on March 30, 2015.
|
|
|
|
|
4.3
|
|
|
Supplemental Indenture No. 3, dated as of March 23, 2015, to the Indenture dated as of March 9, 2011 by and among CONSOL Energy Inc., the Subsidiary Guarantors listed on the signature pages thereof and Wells Fargo Bank, National Association, a national banking association, as successor trustee, with respect to the 6.375% Senior Notes due 2021.
|
|
|
|
|
4.4
|
|
|
Supplemental Indenture No. 5, dated as of March 23, 2015, to the Indenture dated as of April 1, 2010 by and among CONSOL Energy Inc., the Subsidiary Guarantors listed on the signature pages thereof and Wells Fargo Bank, National Association, a national banking association, as successor trustee, with respect to the 8.25% Senior Notes due 2020.
|
|
|
|
|
10.1
|
|
|
Letter Agreement Re: Receivables Purchase Agreement - Delinquency Ratio and Default Ratio, dated April 18, 2014.
|
|
|
|
|
10.2
|
|
|
Eleventh Amendment to Amended and Restated Receivables Purchase Agreement, dated as of May 23, 2014, by and among CNX Funding Corporation, as seller, CONSOL Energy Inc., as the initial Servicer, the Sub-Servicers listed on the signature pages thereto, the Conduit Purchasers listed on the signature pages thereto, the Purchaser Agents listed on the signature pages thereto, the LC Participants listed on the signature pages thereto, and PNC Bank, National Association, as Administrator, and as LC Bank.
|
|
|
|
|
10.3
|
|
|
Twelfth Amendment to Amended and Restated Receivables Purchase Agreement, dated as of March 27, 2015, by and among CNX Funding Corporation, as seller, CONSOL Energy Inc., as the initial Servicer, the Sub-Servicers listed on the signature pages thereto, the Conduit Purchasers listed on the signature pages thereto, the Purchaser Agents listed on the signature pages thereto, the LC Participants listed on the signature pages thereto, and PNC Bank, National Association, as Administrator, and as LC Bank.
|
|
|
||
31.1
|
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
||
32.1
|
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
||
32.2
|
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
||
95
|
|
|
Mine Safety and Health Administration Safety Data.
|
|
|
||
101
|
|
|
Interactive Data File (Form 10-Q for the quarterly period ended March 31, 2015 furnished in XBRL).
|
|
CONSOL ENERGY INC.
|
||
|
|
|
|
|
By:
|
|
/s/ NICHOLAS J. DEIULIIS
|
|
|
|
Nicholas J. DeIuliis
|
|
|
|
Chief Executive Officer and President and Director
(Duly Authorized Officer and Principal Executive Officer)
|
|
|
|
|
|
By:
|
|
/
S
/ DAVID M. KHANI
|
|
|
|
David M. Khani
|
|
|
|
Chief Financial Officer and Executive Vice President
(Duly Authorized Officer and Principal Financial Officer)
|
|
|
|
|
|
By:
|
|
/
S
/ LORRAINE L. RITTER
|
|
|
|
Lorraine L. Ritter
|
|
|
|
Controller and Vice President
(Duly Authorized Officer and Principal Accounting Officer)
|
Title:
|
Executive Vice President and Chief Legal and Corporate Affairs Officer
|
Title:
|
Authorized Signatory for each of the Guarantors listed on Schedule I hereto
|
Title:
|
Vice President
|
Title:
|
Executive Vice President and Chief Legal and Corporate Affairs Officer
|
Title:
|
Authorized Signatory for each of the Guarantors listed on Schedule I hereto
|
Title:
|
Vice President
|
Re:
|
Receivables Purchase Agreement – Delinquency Ratio and Default Ratio for March 2014
|
709083462 01901632
|
|
|
|
CNX FUNDING CORPORATION
,
as Seller
By:
/s/Donald J. Bromley
Name: Donald J. Bromley Title: President & Treasurer |
|
CONSOL ENERGY INC.
,
as initial Servicer
By:
/s/Michael C. Hardoby
Name: Michael C. Hardoby Title: Vice President – Finance
CONSOL ENERGY SALES COMPANY,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL OF KENTUCKY INC.,
as a
Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL PENNSYLVANIA COAL COMPANY LLC,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
ISLAND CREEK COAL COMPANY,
as a
Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Tresurer
CNX MARINE TERMINALS INC.,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
FOLA COAL COMPANY, L.L.C.,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
LITTLE EAGLE COAL COMPANY, L.L.C.,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
TERRY EAGLE COAL COMPANY, L.L.C.,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL AMONATE FACILITY LLC,
as a
Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL AMONATE MINING COMPANY LLC,
as a
Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL BUCHANAN MINING COMPANY LLC,
as a
Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer
CONSOL MINING COMPANY LLC,
as a Sub-Servicer
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer |
709365024 09097997
|
|
|
Conduit Purchaser
|
Commitment
|
PNC Bank, National Association
|
$55,000,000
|
Liberty Street Funding LLC
|
$45,000,000
|
LC Participant
|
Commitment
|
Pro Rata Share
|
PNC Bank, National Association
|
$55,000,000
|
55.00%
|
The Bank of Nova Scotia
|
$45,000,000
|
45.00%
|
|
CNX FUNDING CORPORATION
,
as Seller
By:
/s/Donald J. Bromley
Name: Donald J. Bromley Title: President & Treasurer |
|
CONSOL ENERGY INC.
,
as initial Servicer
By:
/s/Michael C. Hardoby
Name: Michael C. Hardoby Title: Vice President – Finance and Acting Treasurer
as a Sub-Servicers:
CONSOL ENERGY SALES COMPANY
CONSOL OF KENTUCKY INC.
CONSOL PENNSYLVANIA COAL COMPANY LLC
ISLAND CREEK COAL COMPANY
CNX MARINE TERMINALS INC.
FOLA COAL COMPANY, L.L.C.
LITTLE EAGLE COAL COMPANY, L.L.C.
TERRY EAGLE COAL COMPANY, L.L.C.
CONSOL AMONATE FACILITY LLC
CONSOL AMONATE MINING COMPANY LLC
CONSOL BUCHANAN MINING COMPANY LLC
CONSOL MINING COMPANY LLC
By:
/s/Steven T. Aspinall
Name: Steven T. Aspinall Title: Treasurer |
715411678 09097997
|
|
|
1.
|
I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 5, 2015
|
|
|
|
|
/s/ Nicholas J. DeIuliis
|
|
|
Nicholas J. DeIuliis
|
|
|
Chief Executive Officer and President and Director
(Duly Authorized Officer and Principal Executive Officer) |
|
1.
|
I have reviewed this report on Form 10-Q of CONSOL Energy Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 5, 2015
|
|
|
|
|
/s/ David M. Khani
|
|
|
David M. Khani
|
|
|
Chief Financial Officer and Executive Vice President
(Principal Financial Officer) |
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date:
|
May 5, 2015
|
|
|
|
|
/s/ Nicholas J. DeIuliis
|
|
|
Nicholas J. DeIuliis
|
|
|
Chief Executive Officer and President and Director
(Duly Authorized Officer and Principal Executive Officer) |
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
Date:
|
May 5, 2015
|
|
|
|
|
/s/ David M. Khani
|
|
|
David M. Khani
|
|
|
Chief Financial Officer and Executive Vice President
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Received
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notice
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Received
|
|
of
|
|
Legal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Dollar
|
|
Total
|
|
Notice of
|
|
Potential
|
|
Actions
|
|
|
|
|
|
|
|
|
|
|
|
|
Section
|
|
|
|
|
|
Value of
|
|
Number
|
|
Pattern of
|
|
to have
|
|
Pending
|
|
Legal
|
|
Legal
|
|
|
|
|
Section
|
|
|
|
104(d)
|
|
|
|
|
|
MSHA
|
|
of
|
|
Violations
|
|
Pattern
|
|
as of
|
|
Actions
|
|
Actions
|
Mine or Operating
|
|
104
|
|
Section
|
|
Citations
|
|
Section
|
|
Section
|
|
Assessments
|
|
Mining
|
|
Under
|
|
Under
|
|
Last
|
|
Initiated
|
|
Resolved
|
||
Name/MSHA
|
|
S&S
|
|
104(b)
|
|
and
|
|
110(b)(2)
|
|
107(a)
|
|
Proposed
|
|
Related
|
|
Section
|
|
Section
|
|
Day of
|
|
During
|
|
During
|
||
Identification Number
|
|
Citations
|
|
Orders
|
|
Orders
|
|
Violations
|
|
Orders
|
|
(In Dollars)
|
|
Fatalities
|
|
104(e)
|
|
104(e)
|
|
Period (1)
|
|
Period
|
|
Period
|
||
Active Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bailey
|
|
36-07230
|
|
20
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,964
|
|
—
|
|
No
|
|
No
|
|
13
|
|
1
|
|
1
|
Buchanan
|
|
44-04856
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
50,017
|
|
—
|
|
No
|
|
No
|
|
23
|
|
4
|
|
1
|
Enlow Fork
|
|
36-07416
|
|
26
|
|
—
|
|
—
|
|
—
|
|
—
|
|
45,207
|
|
—
|
|
No
|
|
No
|
|
17
|
|
3
|
|
1
|
Harvey
|
|
36-10045
|
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
83,603
|
|
—
|
|
No
|
|
No
|
|
4
|
|
2
|
|
1
|
Miller Creek PP #1
|
|
46-05890
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
300
|
|
—
|
|
No
|
|
No
|
|
2
|
|
1
|
|
—
|
Twin Branch Surface
|
|
46-09075
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
No
|
|
No
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inactive Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alma No. 1 Mine
|
|
46-09277
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
No
|
|
No
|
|
1
|
|
—
|
|
—
|
Surface Mine No 2
|
|
46-08377
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
400
|
|
—
|
|
No
|
|
No
|
|
—
|
|
—
|
|
—
|
|
|
|
|
101
|
|
—
|
|
—
|
|
—
|
|
—
|
|
190,491
|
|
—
|
|
|
|
|
|
60
|
|
11
|
|
4
|
Mine or Operating Name/MSHA Identification Number
|
|
Contests of Citations, Orders
(as of 3.31.15)
(a)
|
|
Contests of Proposed Penalties
(as of 3.31.15)
(b)
|
|
Complaints for Compensation
(as of 3.31.15)
(c)
|
|
Complaints of Discharge, Discrimination or Interference
(as of 3.31.15)
(d)
|
|
Applications for Temporary Relief
(as of 3.31.15)
(e)
|
|
Appeals of Judges' Decisions or Order
(as of 3.31.15)
(f)
|
||||
|
|
|
||||||||||||||
|
|
Dockets
|
|
Citations
|
|
|
|
|
||||||||
Active Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bailey
|
|
36-07230
|
|
—
|
|
13
|
|
42
|
|
—
|
|
2
|
|
—
|
|
—
|
Buchanan
|
|
44-04856
|
|
—
|
|
23
|
|
175
|
|
—
|
|
—
|
|
—
|
|
1
|
Enlow Fork
|
|
36-07416
|
|
—
|
|
17
|
|
98
|
|
—
|
|
—
|
|
—
|
|
—
|
Harvey
|
|
36-10045
|
|
—
|
|
4
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
Miller Creek PP #1
|
|
46-05890
|
|
—
|
|
2
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inactive Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alma No. 1 Deep
|
|
46-09277
|
|
—
|
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
—
|
|
60
|
|
326
|
|
—
|
|
2
|
|
—
|
|
1
|