|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
|
o
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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 October 16, 2015
|
Common stock, $0.01 par value
|
|
229,053,634
|
|
TABLE OF CONTENTS
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||
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|
Page
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PART I FINANCIAL INFORMATION
|
|
|
|
|
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ITEM 1.
|
Condensed Financial Statements
|
|
|
Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014.
|
|
|
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2015 and 2014
|
|
|
Consolidated Balance Sheets at September 30, 2015 and December 31, 2014
|
|
|
Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2015
|
|
|
Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014
|
|
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||
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ITEM 2.
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||
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ITEM 3.
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||
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ITEM 4.
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||
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PART II OTHER INFORMATION
|
|
|
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ITEM 1.
|
||
|
|
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ITEM 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
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ITEM 4.
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||
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ITEM 6.
|
ITEM 1.
|
CONDENSED FINANCIAL STATEMENTS
|
(Dollars in thousands, except per share data)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Unaudited)
|
September 30,
|
|
September 30,
|
||||||||||||
Revenues and Other Income:
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
202,007
|
|
|
$
|
257,358
|
|
|
$
|
658,498
|
|
|
$
|
753,399
|
|
Unrealized Gain on Commodity Derivative Instruments
|
99,137
|
|
|
—
|
|
|
134,205
|
|
|
—
|
|
||||
Coal Sales
|
403,602
|
|
|
483,960
|
|
|
1,314,748
|
|
|
1,554,939
|
|
||||
Other Outside Sales
|
5,129
|
|
|
73,673
|
|
|
24,596
|
|
|
213,047
|
|
||||
Production Royalty Interests and Purchased Gas Sales
|
14,080
|
|
|
18,815
|
|
|
39,423
|
|
|
68,773
|
|
||||
Freight-Outside Coal
|
3,219
|
|
|
2,497
|
|
|
13,995
|
|
|
22,551
|
|
||||
Miscellaneous Other Income
|
38,640
|
|
|
40,784
|
|
|
112,400
|
|
|
165,815
|
|
||||
Gain on Sale of Assets
|
48,124
|
|
|
7,529
|
|
|
54,604
|
|
|
12,615
|
|
||||
Total Revenue and Other Income
|
813,938
|
|
|
884,616
|
|
|
2,352,469
|
|
|
2,791,139
|
|
||||
Costs and Expenses:
|
|
|
|
|
|
|
|
||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
||||||||
Lease Operating Expense
|
26,454
|
|
|
30,005
|
|
|
83,385
|
|
|
85,622
|
|
||||
Transportation, Gathering and Compression
|
92,606
|
|
|
68,234
|
|
|
258,329
|
|
|
179,813
|
|
||||
Production, Ad Valorem, and Other Fees
|
8,475
|
|
|
8,486
|
|
|
24,605
|
|
|
28,817
|
|
||||
Direct Administrative and Selling
|
10,711
|
|
|
14,060
|
|
|
38,630
|
|
|
39,216
|
|
||||
Depreciation, Depletion and Amortization
|
89,742
|
|
|
82,538
|
|
|
262,356
|
|
|
225,766
|
|
||||
Exploration and Production Related Other Costs
|
3,332
|
|
|
8,045
|
|
|
7,694
|
|
|
15,765
|
|
||||
Production Royalty Interests and Purchased Gas Costs
|
10,989
|
|
|
15,751
|
|
|
30,751
|
|
|
58,518
|
|
||||
Other Corporate Expenses
|
26,986
|
|
|
13,700
|
|
|
66,633
|
|
|
60,876
|
|
||||
Impairment of Exploration and Production Properties
|
—
|
|
|
—
|
|
|
828,905
|
|
|
—
|
|
||||
General and Administrative
|
12,513
|
|
|
14,874
|
|
|
42,086
|
|
|
47,755
|
|
||||
Total Exploration and Production Costs
|
281,808
|
|
|
255,693
|
|
|
1,643,374
|
|
|
742,148
|
|
||||
Coal Costs
|
|
|
|
|
|
|
|
||||||||
Operating and Other Costs
|
173,178
|
|
|
344,992
|
|
|
756,045
|
|
|
1,033,088
|
|
||||
Royalties and Production Taxes
|
19,101
|
|
|
23,306
|
|
|
63,474
|
|
|
77,397
|
|
||||
Direct Administrative and Selling
|
8,225
|
|
|
10,682
|
|
|
26,192
|
|
|
34,354
|
|
||||
Depreciation, Depletion and Amortization
|
63,242
|
|
|
65,640
|
|
|
195,707
|
|
|
188,405
|
|
||||
Freight Expense
|
3,219
|
|
|
2,497
|
|
|
13,995
|
|
|
22,551
|
|
||||
General and Administrative Costs
|
7,477
|
|
|
10,639
|
|
|
21,786
|
|
|
34,005
|
|
||||
Other Corporate Expenses
|
10,680
|
|
|
10,113
|
|
|
32,863
|
|
|
41,444
|
|
||||
Total Coal Costs
|
285,122
|
|
|
467,869
|
|
|
1,110,062
|
|
|
1,431,244
|
|
||||
Other Costs
|
|
|
|
|
|
|
|
||||||||
Miscellaneous Operating Expense
|
14,832
|
|
|
86,993
|
|
|
39,268
|
|
|
246,355
|
|
||||
General and Administrative Costs
|
—
|
|
|
220
|
|
|
—
|
|
|
651
|
|
||||
Depreciation, Depletion and Amortization
|
5
|
|
|
487
|
|
|
17
|
|
|
1,509
|
|
||||
Loss on Debt Extinguishment
|
—
|
|
|
20,990
|
|
|
67,751
|
|
|
95,267
|
|
||||
Interest Expense
|
48,558
|
|
|
55,397
|
|
|
150,187
|
|
|
170,539
|
|
||||
Total Other Costs
|
63,395
|
|
|
164,087
|
|
|
257,223
|
|
|
514,321
|
|
||||
Total Costs And Expenses
|
630,325
|
|
|
887,649
|
|
|
3,010,659
|
|
|
2,687,713
|
|
||||
Earnings (Loss) Before Income Tax
|
183,613
|
|
|
(3,033
|
)
|
|
(658,190
|
)
|
|
103,426
|
|
||||
Income Taxes
|
58,143
|
|
|
(1,388
|
)
|
|
(259,389
|
)
|
|
8,315
|
|
||||
Income (Loss) From Continuing Operations
|
125,470
|
|
|
(1,645
|
)
|
|
(398,801
|
)
|
|
95,111
|
|
||||
Loss From Discontinued Operations, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,687
|
)
|
||||
Net Income (Loss)
|
125,470
|
|
|
(1,645
|
)
|
|
(398,801
|
)
|
|
89,424
|
|
||||
Less: Net Income Attributable to Noncontrolling Interest
|
6,490
|
|
|
—
|
|
|
6,490
|
|
|
—
|
|
||||
Net Income (Loss) Attributable to CONSOL Energy Shareholders
|
$
|
118,980
|
|
|
$
|
(1,645
|
)
|
|
$
|
(405,291
|
)
|
|
$
|
89,424
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Dollars in thousands, except per share data)
|
September 30,
|
|
September 30,
|
||||||||||||
(Unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Earnings Per Share
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
||||||||
Income (Loss) from Continuing Operations
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.41
|
|
Loss from Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||
Total Basic Earnings (Loss) Per Share
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.39
|
|
Dilutive
|
|
|
|
|
|
|
|
||||||||
Income (Loss) from Continuing Operations
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.41
|
|
Loss from Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||
Total Dilutive Earnings (Loss) Per Share
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Paid Per Share
|
$
|
0.01
|
|
|
$
|
0.0625
|
|
|
$
|
0.135
|
|
|
$
|
0.1875
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(Dollars in thousands)
|
September 30,
|
|
September 30,
|
||||||||||||
(Unaudited)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income (Loss)
|
$
|
125,470
|
|
|
$
|
(1,645
|
)
|
|
$
|
(398,801
|
)
|
|
$
|
89,424
|
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
||||||||
Actuarially Determined Long-Term Liability Adjustments (Net of tax: $29,720, ($107,383), $24,935, ($108,154))
|
(49,353
|
)
|
|
184,154
|
|
|
(40,036
|
)
|
|
185,475
|
|
||||
Net Increase (Decrease) in the Value of Cash Flow Hedges (Net of tax: $-, ($25,722), $-, $13,161)
|
—
|
|
|
39,151
|
|
|
—
|
|
|
(20,032
|
)
|
||||
Reclassification of Cash Flow Hedges from OCI to Earnings (Net of tax: $11,807, $12,084, $35,123, ($5,509))
|
(20,602
|
)
|
|
(19,510
|
)
|
|
(60,720
|
)
|
|
3,754
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other Comprehensive (Loss) Income
|
(69,955
|
)
|
|
203,795
|
|
|
(100,756
|
)
|
|
169,197
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive Income (Loss)
|
55,515
|
|
|
202,150
|
|
|
(499,557
|
)
|
|
258,621
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
6,490
|
|
|
—
|
|
|
6,490
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
49,025
|
|
|
$
|
202,150
|
|
|
$
|
(506,047
|
)
|
|
$
|
258,621
|
|
|
(Unaudited)
|
|
|
||||
(Dollars in thousands)
|
September 30,
2015 |
|
December 31,
2014 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and Cash Equivalents
|
$
|
83,019
|
|
|
$
|
176,989
|
|
Accounts and Notes Receivable:
|
|
|
|
||||
Trade
|
237,896
|
|
|
259,817
|
|
||
Other Receivables
|
139,840
|
|
|
347,146
|
|
||
Inventories
|
112,950
|
|
|
101,873
|
|
||
Deferred Income Taxes
|
78,501
|
|
|
66,569
|
|
||
Recoverable Income Taxes
|
64,693
|
|
|
20,401
|
|
||
Prepaid Expenses
|
253,562
|
|
|
193,555
|
|
||
Total Current Assets
|
970,461
|
|
|
1,166,350
|
|
||
Property, Plant and Equipment:
|
|
|
|
||||
Property, Plant and Equipment
|
15,533,716
|
|
|
14,674,777
|
|
||
Less—Accumulated Depreciation, Depletion and Amortization
|
5,774,736
|
|
|
4,512,305
|
|
||
Total Property, Plant and Equipment—Net
|
9,758,980
|
|
|
10,162,472
|
|
||
Other Assets:
|
|
|
|
||||
Investment in Affiliates
|
210,092
|
|
|
152,958
|
|
||
Other
|
245,833
|
|
|
277,750
|
|
||
Total Other Assets
|
455,925
|
|
|
430,708
|
|
||
TOTAL ASSETS
|
$
|
11,185,366
|
|
|
$
|
11,759,530
|
|
|
(Unaudited)
|
|
|
||||
(Dollars in thousands, except per share data)
|
September 30,
2015 |
|
December 31,
2014 |
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts Payable
|
$
|
331,958
|
|
|
$
|
531,973
|
|
Current Portion of Long-Term Debt
|
12,413
|
|
|
13,016
|
|
||
Short-Term Notes Payable
|
945,000
|
|
|
—
|
|
||
Other Accrued Liabilities
|
578,332
|
|
|
602,972
|
|
||
Total Current Liabilities
|
1,867,703
|
|
|
1,147,961
|
|
||
Long-Term Debt:
|
|
|
|
||||
Long-Term Debt
|
2,739,291
|
|
|
3,236,422
|
|
||
Capital Lease Obligations
|
37,387
|
|
|
39,456
|
|
||
Total Long-Term Debt
|
2,776,678
|
|
|
3,275,878
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Deferred Income Taxes
|
69,947
|
|
|
325,592
|
|
||
Postretirement Benefits Other Than Pensions
|
632,049
|
|
|
703,680
|
|
||
Pneumoconiosis Benefits
|
118,532
|
|
|
116,941
|
|
||
Mine Closing
|
300,883
|
|
|
306,789
|
|
||
Gas Well Closing
|
183,423
|
|
|
175,369
|
|
||
Workers’ Compensation
|
75,714
|
|
|
75,947
|
|
||
Salary Retirement
|
90,459
|
|
|
109,956
|
|
||
Reclamation
|
34,088
|
|
|
33,788
|
|
||
Other
|
148,040
|
|
|
158,171
|
|
||
Total Deferred Credits and Other Liabilities
|
1,653,135
|
|
|
2,006,233
|
|
||
TOTAL LIABILITIES
|
6,297,516
|
|
|
6,430,072
|
|
||
Stockholders’ Equity:
|
|
|
|
||||
Common Stock, $.01 Par Value; 500,000,000 Shares Authorized, 229,053,634 Issued and Outstanding at September 30, 2015; 230,265,463 Issued and Outstanding at December 31, 2014
|
2,294
|
|
|
2,306
|
|
||
Capital in Excess of Par Value
|
2,430,834
|
|
|
2,424,102
|
|
||
Preferred Stock, 15,000,000 shares authorized, None issued and outstanding
|
—
|
|
|
—
|
|
||
Retained Earnings
|
2,551,721
|
|
|
3,054,150
|
|
||
Accumulated Other Comprehensive Loss
|
(251,856
|
)
|
|
(151,100
|
)
|
||
Total CONSOL Energy Inc. Stockholders’ Equity
|
4,732,993
|
|
|
5,329,458
|
|
||
Noncontrolling Interest
|
154,857
|
|
|
—
|
|
||
TOTAL EQUITY
|
4,887,850
|
|
|
5,329,458
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
11,185,366
|
|
|
$
|
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
|
|
Non-
Controlling
Interest
|
|
Total
Equity
|
||||||||||||||
December 31, 2014
|
$
|
2,306
|
|
|
$
|
2,424,102
|
|
|
$
|
3,054,150
|
|
|
$
|
(151,100
|
)
|
|
$
|
5,329,458
|
|
|
$
|
—
|
|
|
$
|
5,329,458
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net (Loss) Income
|
—
|
|
|
—
|
|
|
(405,291
|
)
|
|
—
|
|
|
(405,291
|
)
|
|
6,490
|
|
|
(398,801
|
)
|
|||||||
Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(100,756
|
)
|
|
(100,756
|
)
|
|
—
|
|
|
(100,756
|
)
|
|||||||
Comprehensive (Loss) Income
|
—
|
|
|
—
|
|
|
(405,291
|
)
|
|
(100,756
|
)
|
|
(506,047
|
)
|
|
6,490
|
|
|
(499,557
|
)
|
|||||||
Issuance of Common Stock
|
10
|
|
|
8,278
|
|
|
—
|
|
|
—
|
|
|
8,288
|
|
|
—
|
|
|
8,288
|
|
|||||||
Retirement of Common Stock (2,213,100 shares)
|
(22
|
)
|
|
(17,683
|
)
|
|
(53,969
|
)
|
|
—
|
|
|
(71,674
|
)
|
|
—
|
|
|
(71,674
|
)
|
|||||||
Treasury Stock Activity
|
—
|
|
|
—
|
|
|
(12,178
|
)
|
|
—
|
|
|
(12,178
|
)
|
|
—
|
|
|
(12,178
|
)
|
|||||||
Tax Cost From Stock-Based Compensation
|
—
|
|
|
(3,699
|
)
|
|
—
|
|
|
—
|
|
|
(3,699
|
)
|
|
—
|
|
|
(3,699
|
)
|
|||||||
Amortization of Stock-Based Compensation Awards
|
—
|
|
|
19,836
|
|
|
—
|
|
|
—
|
|
|
19,836
|
|
|
—
|
|
|
19,836
|
|
|||||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148,367
|
|
|
148,367
|
|
|||||||
Dividends ($0.1350 per share)
|
—
|
|
|
—
|
|
|
(30,991
|
)
|
|
—
|
|
|
(30,991
|
)
|
|
—
|
|
|
(30,991
|
)
|
|||||||
Balance at September 30, 2015
|
$
|
2,294
|
|
|
$
|
2,430,834
|
|
|
$
|
2,551,721
|
|
|
$
|
(251,856
|
)
|
|
$
|
4,732,993
|
|
|
$
|
154,857
|
|
|
$
|
4,887,850
|
|
(Dollars in thousands)
|
Nine Months Ended
|
||||||
(Unaudited)
|
September 30,
|
||||||
Operating Activities:
|
2015
|
|
2014
|
||||
Net (Loss) Income
|
$
|
(398,801
|
)
|
|
$
|
89,424
|
|
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided By Operating Activities:
|
|
|
|
||||
Net Loss from Discontinued Operations
|
—
|
|
|
5,687
|
|
||
Depreciation, Depletion and Amortization
|
458,080
|
|
|
415,680
|
|
||
Impairment of Exploration and Production Properties
|
828,905
|
|
|
—
|
|
||
Non-Cash Other Post-Employment Benefits
|
(151,871
|
)
|
|
(35,633
|
)
|
||
Stock-Based Compensation
|
19,849
|
|
|
32,514
|
|
||
Gain on Sale of Assets
|
(54,604
|
)
|
|
(12,615
|
)
|
||
Loss on Debt Extinguishment
|
67,751
|
|
|
95,267
|
|
||
Unrealized Gain on Commodity Derivative Instruments
|
(134,205
|
)
|
|
—
|
|
||
Deferred Income Taxes
|
(281,705
|
)
|
|
6,540
|
|
||
Equity in Earnings of Affiliates
|
(38,838
|
)
|
|
(38,477
|
)
|
||
Return on Equity Investment
|
31,111
|
|
|
47,424
|
|
||
Changes in Operating Assets:
|
|
|
|
||||
Accounts and Notes Receivable
|
77,272
|
|
|
(64,241
|
)
|
||
Inventories
|
(11,077
|
)
|
|
12,542
|
|
||
Prepaid Expenses
|
103,091
|
|
|
3,178
|
|
||
Changes in Other Assets
|
22,913
|
|
|
(14,339
|
)
|
||
Changes in Operating Liabilities:
|
|
|
|
||||
Accounts Payable
|
(123,376
|
)
|
|
151,829
|
|
||
Accrued Interest
|
63,879
|
|
|
32,698
|
|
||
Other Operating Liabilities
|
(73,515
|
)
|
|
116,474
|
|
||
Changes in Other Liabilities
|
(9,945
|
)
|
|
10,703
|
|
||
Other
|
9,369
|
|
|
16,450
|
|
||
Net Cash Provided by Continuing Operations
|
404,283
|
|
|
871,105
|
|
||
Net Cash Used in Discontinued Operating Activities
|
—
|
|
|
(20,934
|
)
|
||
Net Cash Provided by Operating Activities
|
404,283
|
|
|
850,171
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Capital Expenditures
|
(895,156
|
)
|
|
(1,174,607
|
)
|
||
Proceeds from Sales of Assets
|
83,044
|
|
|
141,136
|
|
||
Net Investments In Equity Affiliates
|
(70,224
|
)
|
|
108,532
|
|
||
Net Cash Used in Investing Activities
|
(882,336
|
)
|
|
(924,939
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from (Payments on) Short-Term Borrowings
|
945,000
|
|
|
(11,736
|
)
|
||
Payments on Miscellaneous Borrowings
|
(1,562
|
)
|
|
(4,169
|
)
|
||
Payments on Long-Term Notes, including Redemption Premium
|
(1,263,719
|
)
|
|
(1,819,005
|
)
|
||
Net Proceeds from Revolver - MLP
|
180,000
|
|
|
—
|
|
||
Proceeds from Sale of MLP Interest
|
148,359
|
|
|
—
|
|
||
Proceeds from Issuance of Long-Term Notes
|
492,760
|
|
|
1,859,920
|
|
||
Tax Benefit from Stock-Based Compensation
|
208
|
|
|
2,478
|
|
||
Dividends Paid
|
(30,991
|
)
|
|
(43,119
|
)
|
||
Issuance of Common Stock
|
8,288
|
|
|
13,403
|
|
||
Purchases of Treasury Stock
|
(71,674
|
)
|
|
—
|
|
||
Debt Issuance and Financing Fees
|
(22,586
|
)
|
|
(24,861
|
)
|
||
Net Cash Provided By (Used in) Financing Activities
|
384,083
|
|
|
(27,089
|
)
|
||
Net Decrease in Cash and Cash Equivalents
|
(93,970
|
)
|
|
(101,857
|
)
|
||
Cash and Cash Equivalents at Beginning of Period
|
176,989
|
|
|
327,420
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
83,019
|
|
|
$
|
225,563
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Anti-Dilutive Options
|
3,650,864
|
|
|
4,116,136
|
|
|
3,650,864
|
|
|
359,488
|
|
||||||||
Anti-Dilutive Restricted Stock Units
|
785,585
|
|
|
1,278,078
|
|
|
1,394,115
|
|
|
—
|
|
||||||||
Anti-Dilutive Performance Share Units
|
—
|
|
|
287,226
|
|
|
—
|
|
|
—
|
|
||||||||
Anti-Dilutive Performance Stock Options
|
802,804
|
|
|
802,804
|
|
|
802,804
|
|
|
—
|
|
||||||||
|
5,239,253
|
|
|
6,484,244
|
|
|
5,847,783
|
|
|
359,488
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||
Options
|
—
|
|
|
7,456
|
|
|
363,620
|
|
|
655,568
|
|
||||||||
Restricted Stock Units
|
90,055
|
|
|
6,034
|
|
|
576,562
|
|
|
396,836
|
|
||||||||
Performance Share Units
|
—
|
|
|
—
|
|
|
497,134
|
|
|
378,971
|
|
||||||||
|
90,055
|
|
|
13,490
|
|
|
1,437,316
|
|
|
1,431,375
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Income (Loss) from Continuing Operations
|
$
|
125,470
|
|
|
$
|
(1,645
|
)
|
|
$
|
(398,801
|
)
|
|
$
|
95,111
|
|
||||||||
Loss from Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,687
|
)
|
||||||||||||
Net Income
|
$
|
125,470
|
|
|
$
|
(1,645
|
)
|
|
$
|
(398,801
|
)
|
|
$
|
89,424
|
|
||||||||
Net Income Attributable to Noncontrolling Interest
|
6,490
|
|
|
—
|
|
|
6,490
|
|
|
—
|
|
||||||||||||
Net Income (Loss) Attributable to CONSOL Energy Shareholders
|
$
|
118,980
|
|
|
$
|
(1,645
|
)
|
|
$
|
(405,291
|
)
|
|
$
|
89,424
|
|
||||||||
Weighted Average Shares of Common Stock Outstanding:
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
229,036,172
|
|
|
230,174,256
|
|
|
229,230,571
|
|
|
229,922,936
|
|
||||||||||||
Effect of Stock-Based Compensation Awards
|
315,955
|
|
|
—
|
|
|
—
|
|
|
1,479,976
|
|
||||||||||||
Dilutive
|
229,352,127
|
|
|
230,174,256
|
|
|
229,230,571
|
|
|
231,402,912
|
|
||||||||||||
Earnings (Loss) per Share:
|
|
|
|
|
|
|
|
||||||||||||||||
Basic (Continuing Operations)
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.41
|
|
||||||||
Basic (Discontinued Operations)
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||||||||||
Total Basic
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.39
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
Dilutive (Continuing Operations)
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.41
|
|
||||||||
Dilutive (Discontinued Operations)
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.02
|
)
|
||||||||||||
Total Dilutive
|
$
|
0.52
|
|
|
$
|
(0.01
|
)
|
|
$
|
(1.77
|
)
|
|
$
|
0.39
|
|
|
Gains and Losses on Cash Flow Hedges
|
|
Postretirement Benefits
|
|
Total
|
||||||||||||
Balance at December 31, 2014
|
$
|
121,521
|
|
|
$
|
(272,621
|
)
|
|
$
|
(151,100
|
)
|
||||||
Other comprehensive income before reclassifications
|
—
|
|
|
34,566
|
|
|
34,566
|
|
|||||||||
Amounts reclassified from Accumulated Other Comprehensive Income
|
(60,720
|
)
|
|
(74,602
|
)
|
|
(135,322
|
)
|
|||||||||
Current period other comprehensive loss
|
(60,720
|
)
|
|
(40,036
|
)
|
|
(100,756
|
)
|
|||||||||
Balance at September 30, 2015
|
$
|
60,801
|
|
|
$
|
(312,657
|
)
|
|
$
|
(251,856
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Derivative Instruments (Note 13)
|
|
|
|
|
|
|
|
||||||||||||||||
Natural Gas Price Swaps and Options
|
$
|
(32,409
|
)
|
|
$
|
(31,594
|
)
|
|
$
|
(95,843
|
)
|
|
$
|
9,263
|
|
||||||||
Tax Expense (Benefit)
|
11,807
|
|
|
12,084
|
|
|
35,123
|
|
|
(5,509
|
)
|
||||||||||||
Net of Tax
|
$
|
(20,602
|
)
|
|
$
|
(19,510
|
)
|
|
$
|
(60,720
|
)
|
|
$
|
3,754
|
|
||||||||
Actuarially Determined Long-Term Liability Adjustments (Note 4 and Note 5)
|
|
|
|
|
|
|
|
||||||||||||||||
Amortization of Prior Service Costs
|
$
|
(133,851
|
)
|
|
$
|
(2,542
|
)
|
|
$
|
(203,159
|
)
|
|
$
|
(7,625
|
)
|
||||||||
Recognized Net Actuarial Loss
|
41,755
|
|
|
11,198
|
|
|
80,497
|
|
|
32,705
|
|
||||||||||||
Curtailment Loss (Gain)
|
5
|
|
|
(36,182
|
)
|
|
5
|
|
|
(36,182
|
)
|
||||||||||||
Settlement loss
|
3,132
|
|
|
4,785
|
|
|
3,132
|
|
|
25,492
|
|
||||||||||||
Total
|
(88,959
|
)
|
|
(22,741
|
)
|
|
(119,525
|
)
|
|
14,390
|
|
||||||||||||
Tax Expense (Benefit)
|
33,436
|
|
|
8,376
|
|
|
44,923
|
|
|
(5,300
|
)
|
||||||||||||
Net of Tax
|
$
|
(55,523
|
)
|
|
$
|
(14,365
|
)
|
|
$
|
(74,602
|
)
|
|
$
|
9,090
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Equity in Earnings of Affiliates
|
$
|
15,588
|
|
|
$
|
18,284
|
|
|
$
|
38,835
|
|
|
$
|
39,796
|
|
Rental Income
|
9,440
|
|
|
9,731
|
|
|
28,446
|
|
|
35,336
|
|
||||
Right of Way Issuance
|
5,097
|
|
|
2,485
|
|
|
13,047
|
|
|
4,898
|
|
||||
Royalty Income
|
4,848
|
|
|
5,003
|
|
|
12,995
|
|
|
14,758
|
|
||||
Gathering Revenue
|
1,590
|
|
|
3,636
|
|
|
10,064
|
|
|
24,386
|
|
||||
Coal Contract Settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
30,000
|
|
||||
Other
|
2,077
|
|
|
1,645
|
|
|
9,013
|
|
|
16,641
|
|
||||
Total Other Income
|
$
|
38,640
|
|
|
$
|
40,784
|
|
|
$
|
112,400
|
|
|
$
|
165,815
|
|
|
Pension Benefits
|
|
Other Post-Employment Benefits
|
||||||||||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Service cost
|
$
|
2,162
|
|
|
$
|
4,834
|
|
|
$
|
6,862
|
|
|
$
|
13,625
|
|
|
$
|
—
|
|
|
$
|
2,331
|
|
|
$
|
—
|
|
|
$
|
6,994
|
|
Interest cost
|
8,042
|
|
|
8,667
|
|
|
25,202
|
|
|
26,812
|
|
|
6,677
|
|
|
12,096
|
|
|
20,561
|
|
|
36,290
|
|
||||||||
Expected return on plan assets
|
(12,903
|
)
|
|
(12,829
|
)
|
|
(38,282
|
)
|
|
(38,342
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Amortization of prior service credits
|
(166
|
)
|
|
(346
|
)
|
|
(518
|
)
|
|
(1,038
|
)
|
|
(133,685
|
)
|
|
(2,196
|
)
|
|
(202,641
|
)
|
|
(6,588
|
)
|
||||||||
Recognized net actuarial loss
|
5,335
|
|
|
6,444
|
|
|
19,215
|
|
|
18,441
|
|
|
37,713
|
|
|
6,369
|
|
|
65,161
|
|
|
19,106
|
|
||||||||
Settlement loss
|
3,132
|
|
|
4,785
|
|
|
3,132
|
|
|
25,492
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Curtailment loss (gain)
|
5
|
|
|
(549
|
)
|
|
5
|
|
|
(549
|
)
|
|
—
|
|
|
(35,633
|
)
|
|
—
|
|
|
(35,633
|
)
|
||||||||
Net periodic cost (benefit)
|
$
|
5,607
|
|
|
$
|
11,006
|
|
|
$
|
15,616
|
|
|
$
|
44,441
|
|
|
$
|
(89,295
|
)
|
|
$
|
(17,033
|
)
|
|
$
|
(116,919
|
)
|
|
$
|
20,169
|
|
|
CWP
|
|
Workers' Compensation
|
||||||||||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||||||||||
Service cost
|
$
|
1,623
|
|
|
$
|
1,419
|
|
|
$
|
4,868
|
|
|
$
|
4,255
|
|
|
$
|
2,347
|
|
|
$
|
2,446
|
|
|
$
|
7,042
|
|
|
$
|
7,336
|
|
Interest cost
|
1,279
|
|
|
1,384
|
|
|
3,837
|
|
|
4,153
|
|
|
799
|
|
|
894
|
|
|
2,396
|
|
|
2,683
|
|
||||||||
Amortization of actuarial gain
|
(1,394
|
)
|
|
(1,549
|
)
|
|
(4,182
|
)
|
|
(4,647
|
)
|
|
(8
|
)
|
|
(96
|
)
|
|
(23
|
)
|
|
(287
|
)
|
||||||||
State administrative fees and insurance bond premiums
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
888
|
|
|
999
|
|
|
2,764
|
|
|
3,039
|
|
||||||||
Net periodic benefit cost
|
$
|
1,508
|
|
|
$
|
1,254
|
|
|
$
|
4,523
|
|
|
$
|
3,761
|
|
|
$
|
4,026
|
|
|
$
|
4,243
|
|
|
$
|
12,179
|
|
|
$
|
12,771
|
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Coal
|
$
|
34,666
|
|
|
$
|
19,242
|
|
Supplies
|
78,284
|
|
|
82,631
|
|
||
Total Inventories
|
$
|
112,950
|
|
|
$
|
101,873
|
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
E&P Property, Plant and Equipment
|
|
|
|
||||
Intangible drilling cost
|
$
|
3,360,325
|
|
|
$
|
2,798,394
|
|
Proven gas properties
|
1,790,731
|
|
|
1,768,007
|
|
||
Unproven gas properties
|
1,549,075
|
|
|
1,540,835
|
|
||
Gas gathering equipment
|
1,122,071
|
|
|
1,088,238
|
|
||
Gas wells and related equipment
|
838,091
|
|
|
716,748
|
|
||
Other gas assets
|
123,584
|
|
|
123,539
|
|
||
Gas advance royalties
|
19,616
|
|
|
20,580
|
|
||
Total E&P Property, Plant and Equipment
|
$
|
8,803,493
|
|
|
$
|
8,056,341
|
|
Less: Accumulated Depreciation, Depletion and Amortization
|
2,599,543
|
|
|
1,523,761
|
|
||
Total E&P Property, Plant and Equipment - Net
|
$
|
6,203,950
|
|
|
$
|
6,532,580
|
|
|
|
|
|
||||
Coal and Other Property, Plant and Equipment:
|
|
|
|
||||
Coal and other plant and equipment
|
$
|
3,821,403
|
|
|
$
|
3,726,514
|
|
Coal properties and surface lands
|
1,367,003
|
|
|
1,358,306
|
|
||
Airshafts
|
475,307
|
|
|
468,924
|
|
||
Mine development
|
412,089
|
|
|
414,501
|
|
||
Coal advance mining royalties
|
390,756
|
|
|
386,245
|
|
||
Leased coal lands
|
263,665
|
|
|
263,946
|
|
||
Total Coal and Other Property, Plant and Equipment
|
$
|
6,730,223
|
|
|
$
|
6,618,436
|
|
Less: Accumulated Depreciation, Depletion and Amortization
|
3,175,193
|
|
|
2,988,544
|
|
||
Total Coal and Corporate Property, Plant and Equipment - Net
|
$
|
3,555,030
|
|
|
$
|
3,629,892
|
|
|
|
|
|
||||
Total Company Property, Plant and Equipment
|
$
|
15,533,716
|
|
|
$
|
14,674,777
|
|
Less - Total Company Accumulated Depreciation, Depletion and Amortization
|
5,774,736
|
|
|
4,512,305
|
|
||
Total Company Property, Plant and Equipment - Net
|
$
|
9,758,980
|
|
|
$
|
10,162,472
|
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Debt:
|
|
|
|
||||
Senior notes due April 2022 at 5.875%, including amortization of bond premium
|
$
|
1,855,840
|
|
|
$
|
1,856,506
|
|
Senior notes due April 2023 at 8.00%, including amortization of bond discount
|
493,213
|
|
|
—
|
|
||
Revolving Credit Facility - CNX Coal Resources LP
|
180,000
|
|
|
—
|
|
||
MEDCO revenue bonds in series due September 2025 at 5.75%
|
102,865
|
|
|
102,865
|
|
||
Senior notes due April 2020 at 8.25%, issued at par value
|
74,470
|
|
|
1,014,800
|
|
||
Senior notes due March 2021 at 6.375%, issued at par value
|
20,611
|
|
|
250,000
|
|
||
Advance royalty commitments (7.91% weighted average interest rate for September 30, 2015 and December 31, 2014)
|
13,470
|
|
|
13,473
|
|
||
Other long-term note maturing in 2018 (total value of $3,440 and $4,473 less unamortized discount of $397 and $643 at September 30, 2015 and December 31, 2014, respectively)
|
3,043
|
|
|
3,830
|
|
||
|
2,743,512
|
|
|
3,241,474
|
|
||
Less amounts due in one year *
|
4,221
|
|
|
5,052
|
|
||
Long-Term Debt
|
$
|
2,739,291
|
|
|
$
|
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
|
$
|
88,632
|
|
|
$
|
27,434
|
|
|
$
|
61,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Environmental
|
4,786
|
|
|
3,058
|
|
|
1,728
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
187,082
|
|
|
38,758
|
|
|
148,324
|
|
|
—
|
|
|
—
|
|
|||||
Total Letters of Credit
|
280,500
|
|
|
69,250
|
|
|
211,250
|
|
|
—
|
|
|
—
|
|
|||||
Surety Bonds:
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-Related
|
114,678
|
|
|
114,678
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Environmental
|
543,778
|
|
|
542,932
|
|
|
846
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
24,323
|
|
|
24,318
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|||||
Total Surety Bonds
|
682,779
|
|
|
681,928
|
|
|
850
|
|
|
1
|
|
|
—
|
|
|||||
Guarantees:
|
|
|
|
|
|
|
|
|
|
||||||||||
Coal
|
58,450
|
|
|
50,100
|
|
|
8,350
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
78,153
|
|
|
40,858
|
|
|
15,140
|
|
|
12,484
|
|
|
9,671
|
|
|||||
Total Guarantees
|
136,603
|
|
|
90,958
|
|
|
23,490
|
|
|
12,484
|
|
|
9,671
|
|
|||||
Total Commitments
|
$
|
1,099,882
|
|
|
$
|
842,136
|
|
|
$
|
235,590
|
|
|
$
|
12,485
|
|
|
$
|
9,671
|
|
Obligations Due
|
Amount
|
||
Less than 1 year
|
$
|
207,816
|
|
1 - 3 years
|
278,404
|
|
|
3 - 5 years
|
190,761
|
|
|
More than 5 years
|
553,266
|
|
|
Total Purchase Obligations
|
$
|
1,230,247
|
|
Asset Derivative Instruments
|
|
Liability Derivative Instruments
|
||||||||||||||
|
September 30,
|
|
December 31,
|
|
|
September 30,
|
|
December 31,
|
||||||||
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
||||||||
Commodity Derivative Instruments
|
|
|
|
|
|
|
|
|||||||||
Prepaid Expense
|
$
|
181,744
|
|
|
$
|
123,676
|
|
|
Other Liabilities
|
$
|
888
|
|
|
$
|
—
|
|
Other Assets
|
52,666
|
|
|
68,656
|
|
|
Other Accrued Liabilities
|
7,160
|
|
|
—
|
|
||||
Total Asset:
|
$
|
234,410
|
|
|
$
|
192,332
|
|
|
Total Liability:
|
$
|
8,048
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basis Only Swaps
|
|
|
|
|
|
|
|
|
||||||||
Prepaid Expense
|
$
|
6,250
|
|
|
$
|
1,064
|
|
|
Other Liabilities
|
$
|
1,628
|
|
|
$
|
—
|
|
Other Assets
|
447
|
|
|
—
|
|
|
Other Accrued Liabilities
|
—
|
|
|
327
|
|
||||
Total Asset:
|
$
|
6,697
|
|
|
$
|
1,064
|
|
|
Total Liability:
|
$
|
1,628
|
|
|
$
|
327
|
|
|
For the Three Months Ended September 30,
|
||||||
|
2015
|
|
2014
|
||||
Natural Gas Price Swaps and Options
|
|
|
|
||||
Beginning Balance – Accumulated OCI
|
$
|
81,403
|
|
|
$
|
6,574
|
|
Gain/(Loss) recognized in Accumulated OCI
|
—
|
|
|
39,151
|
|
||
Amounts reclassified from Accumulated OCI (Net of tax: $11,807, $12,084)
|
20,602
|
|
|
19,510
|
|
||
Ending Balance – Accumulated OCI
|
$
|
60,801
|
|
|
$
|
26,215
|
|
Gain recognized in Outside Sales for ineffectiveness *
|
$
|
—
|
|
|
$
|
1,850
|
|
|
|
|
|
||||
|
For the Nine Months Ended September 30,
|
||||||
|
2015
|
|
2014
|
||||
Natural Gas Price Swaps and Options
|
|
|
|
||||
Beginning Balance – Accumulated OCI
|
$
|
121,521
|
|
|
$
|
42,493
|
|
Gain/(Loss) recognized in Accumulated OCI
|
—
|
|
|
(20,032
|
)
|
||
Amounts reclassified from Accumulated OCI (Net of tax: $35,123, ($5,509))
|
60,720
|
|
|
(3,754
|
)
|
||
Ending Balance – Accumulated OCI
|
$
|
60,801
|
|
|
$
|
26,215
|
|
Gain recognized in Outside Sales for ineffectiveness *
|
$
|
—
|
|
|
$
|
2,713
|
|
|
Fair Value Measurements at September 30, 2015
|
|
Fair Value Measurements at December 31, 2014
|
||||||||||||||||||||
Description
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||||||
Gas Derivatives
|
$
|
—
|
|
|
$
|
231,431
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
193,069
|
|
|
$
|
—
|
|
Murray Energy Guarantees
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,195
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,275
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Cash and Cash Equivalents
|
$
|
83,019
|
|
|
$
|
83,019
|
|
|
$
|
176,989
|
|
|
$
|
176,989
|
|
Short-Term Notes Payable
|
$
|
(945,000
|
)
|
|
$
|
(945,000
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-Term Debt
|
$
|
(2,743,512
|
)
|
|
$
|
(1,938,413
|
)
|
|
$
|
(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
|
$
|
96,941
|
|
|
$
|
21,572
|
|
|
$
|
63,145
|
|
|
$
|
20,349
|
|
|
$
|
202,007
|
|
|
$
|
323,171
|
|
|
$
|
48,795
|
|
|
$
|
31,636
|
|
|
$
|
403,602
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
605,609
|
|
(A)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,129
|
|
|
5,129
|
|
|
—
|
|
|
—
|
|
|
5,129
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
2,535
|
|
|
2,535
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,535
|
|
|
||||||||||||
Sales—production royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
11,545
|
|
|
11,545
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,545
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,211
|
|
|
50
|
|
|
1,958
|
|
|
3,219
|
|
|
—
|
|
|
—
|
|
|
3,219
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(298
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
96,941
|
|
|
$
|
21,572
|
|
|
$
|
63,443
|
|
|
$
|
34,429
|
|
|
$
|
216,385
|
|
|
$
|
324,382
|
|
|
$
|
48,845
|
|
|
$
|
38,723
|
|
|
$
|
411,950
|
|
|
$
|
—
|
|
|
$
|
(298
|
)
|
|
$
|
628,037
|
|
|
(Loss) Earnings Before Income Taxes
|
$
|
(18,444
|
)
|
|
$
|
(11,230
|
)
|
|
$
|
8,857
|
|
|
$
|
71,004
|
|
|
$
|
50,187
|
|
|
$
|
132,328
|
|
|
$
|
16,037
|
|
|
$
|
45,295
|
|
|
$
|
193,660
|
|
|
$
|
(13,885
|
)
|
|
$
|
(46,349
|
)
|
|
$
|
183,613
|
|
(B)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
6,843,935
|
|
|
$
|
2,142,696
|
|
|
$
|
409,746
|
|
|
$
|
1,324,081
|
|
|
$
|
3,876,523
|
|
|
$
|
204,638
|
|
|
$
|
260,270
|
|
|
$
|
11,185,366
|
|
(C)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
89,742
|
|
|
$
|
42,463
|
|
|
$
|
11,801
|
|
|
$
|
8,978
|
|
|
$
|
63,242
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
152,989
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
209,560
|
|
|
$
|
34,544
|
|
|
$
|
9,895
|
|
|
$
|
3,892
|
|
|
$
|
48,331
|
|
|
$
|
1,480
|
|
|
$
|
—
|
|
|
$
|
259,371
|
|
|
|
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
|
$
|
109,850
|
|
|
$
|
35,846
|
|
|
$
|
82,914
|
|
|
$
|
28,748
|
|
|
$
|
257,358
|
|
|
$
|
379,641
|
|
|
$
|
70,931
|
|
|
$
|
33,388
|
|
|
$
|
483,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
741,318
|
|
(D)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,175
|
|
|
8,175
|
|
|
65,498
|
|
|
—
|
|
|
73,673
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
|
1,205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,205
|
|
|
||||||||||||
Sales—production royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
17,610
|
|
|
17,610
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,610
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
779
|
|
|
102
|
|
|
1,616
|
|
|
2,497
|
|
|
—
|
|
|
—
|
|
|
2,497
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
485
|
|
|
—
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,065
|
|
|
(23,550
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
109,850
|
|
|
$
|
35,846
|
|
|
$
|
83,399
|
|
|
$
|
47,563
|
|
|
$
|
276,658
|
|
|
$
|
380,420
|
|
|
$
|
71,033
|
|
|
$
|
43,179
|
|
|
$
|
494,632
|
|
|
$
|
88,563
|
|
|
$
|
(23,550
|
)
|
|
$
|
836,303
|
|
|
Earnings (Loss) Before Income Taxes
|
$
|
27,328
|
|
|
$
|
19,776
|
|
|
$
|
19,790
|
|
|
$
|
(29,209
|
)
|
|
$
|
37,685
|
|
|
$
|
71,623
|
|
|
$
|
3,397
|
|
|
$
|
(21,212
|
)
|
|
$
|
53,808
|
|
|
$
|
1,085
|
|
|
$
|
(95,611
|
)
|
|
$
|
(3,033
|
)
|
(E)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
6,901,696
|
|
|
$
|
2,085,130
|
|
|
$
|
363,695
|
|
|
$
|
1,770,695
|
|
|
$
|
4,219,520
|
|
|
$
|
195,351
|
|
|
$
|
402,368
|
|
|
$
|
11,718,935
|
|
(F)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
82,538
|
|
|
$
|
44,567
|
|
|
$
|
11,922
|
|
|
$
|
9,151
|
|
|
$
|
65,640
|
|
|
$
|
487
|
|
|
$
|
—
|
|
|
$
|
148,665
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
281,641
|
|
|
$
|
57,449
|
|
|
$
|
9,068
|
|
|
$
|
5,202
|
|
|
$
|
71,719
|
|
|
$
|
1,952
|
|
|
$
|
—
|
|
|
$
|
355,312
|
|
|
(D)
|
Included in the Coal segment are sales of
$107,915
to Duke Energy, which comprise over 10% of sales.
|
(E)
|
Includes equity in earnings of unconsolidated affiliates of
$9,991
and
$6,974
for E&P and Coal, respectively.
|
|
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
|
$
|
331,998
|
|
|
$
|
57,836
|
|
|
$
|
203,522
|
|
|
$
|
65,142
|
|
|
$
|
658,498
|
|
|
$
|
1,026,603
|
|
|
$
|
192,626
|
|
|
$
|
95,519
|
|
|
$
|
1,314,748
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,973,246
|
|
(G)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,596
|
|
|
24,596
|
|
|
—
|
|
|
—
|
|
|
24,596
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
7,649
|
|
|
7,649
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,649
|
|
|
||||||||||||
Sales—production royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
31,774
|
|
|
31,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,774
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,286
|
|
|
278
|
|
|
7,431
|
|
|
13,995
|
|
|
—
|
|
|
—
|
|
|
13,995
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
1,194
|
|
|
—
|
|
|
1,194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,194
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
331,998
|
|
|
$
|
57,836
|
|
|
$
|
204,716
|
|
|
$
|
104,565
|
|
|
$
|
699,115
|
|
|
$
|
1,032,889
|
|
|
$
|
192,904
|
|
|
$
|
127,546
|
|
|
$
|
1,353,339
|
|
|
$
|
—
|
|
|
$
|
(1,194
|
)
|
|
$
|
2,051,260
|
|
|
Earnings (Loss) Before Income Taxes
|
$
|
16,683
|
|
|
$
|
(23,193
|
)
|
|
$
|
33,299
|
|
|
$
|
(791,982
|
)
|
|
$
|
(765,193
|
)
|
|
$
|
292,533
|
|
|
$
|
46,167
|
|
|
$
|
16,763
|
|
|
$
|
355,463
|
|
|
$
|
(15,856
|
)
|
|
$
|
(232,604
|
)
|
|
$
|
(658,190
|
)
|
(H)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
6,843,935
|
|
|
$
|
2,142,696
|
|
|
$
|
409,746
|
|
|
$
|
1,324,081
|
|
|
$
|
3,876,523
|
|
|
$
|
204,638
|
|
|
$
|
260,270
|
|
|
$
|
11,185,366
|
|
(I)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
262,356
|
|
|
$
|
133,786
|
|
|
$
|
35,398
|
|
|
$
|
26,523
|
|
|
$
|
195,707
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
458,080
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
749,015
|
|
|
$
|
102,939
|
|
|
$
|
26,310
|
|
|
$
|
8,284
|
|
|
$
|
137,533
|
|
|
$
|
8,608
|
|
|
$
|
—
|
|
|
$
|
895,156
|
|
|
|
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
|
$
|
339,391
|
|
|
$
|
56,383
|
|
|
$
|
259,665
|
|
|
$
|
97,960
|
|
|
$
|
753,399
|
|
|
$
|
1,226,666
|
|
|
$
|
222,701
|
|
|
$
|
105,572
|
|
|
$
|
1,554,939
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,308,338
|
|
(J)
|
Other outside sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,685
|
|
|
28,685
|
|
|
184,362
|
|
|
—
|
|
|
213,047
|
|
|
||||||||||||
Sales—purchased gas
|
—
|
|
|
—
|
|
|
—
|
|
|
6,183
|
|
|
6,183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,183
|
|
|
||||||||||||
Sales—production royalty interests
|
—
|
|
|
—
|
|
|
—
|
|
|
62,590
|
|
|
62,590
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,590
|
|
|
||||||||||||
Freight—outside
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,931
|
|
|
614
|
|
|
7,006
|
|
|
22,551
|
|
|
—
|
|
|
—
|
|
|
22,551
|
|
|
||||||||||||
Intersegment transfers
|
—
|
|
|
—
|
|
|
1,937
|
|
|
—
|
|
|
1,937
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62,411
|
|
|
(64,348
|
)
|
|
—
|
|
|
||||||||||||
Total Sales and Freight
|
$
|
339,391
|
|
|
$
|
56,383
|
|
|
$
|
261,602
|
|
|
$
|
166,733
|
|
|
$
|
824,109
|
|
|
$
|
1,241,597
|
|
|
$
|
223,315
|
|
|
$
|
141,263
|
|
|
$
|
1,606,175
|
|
|
$
|
246,773
|
|
|
$
|
(64,348
|
)
|
|
$
|
2,612,709
|
|
|
Earnings (Loss) Before Income Taxes
|
$
|
121,197
|
|
|
$
|
25,042
|
|
|
$
|
71,358
|
|
|
$
|
(78,993
|
)
|
|
$
|
138,604
|
|
|
$
|
336,692
|
|
|
$
|
2,626
|
|
|
$
|
(52,743
|
)
|
|
$
|
286,575
|
|
|
$
|
(1,811
|
)
|
|
$
|
(319,942
|
)
|
|
$
|
103,426
|
|
(K)
|
Segment assets
|
|
|
|
|
|
|
|
|
$
|
6,901,696
|
|
|
$
|
2,085,130
|
|
|
$
|
363,695
|
|
|
$
|
1,770,695
|
|
|
$
|
4,219,520
|
|
|
$
|
195,351
|
|
|
$
|
402,368
|
|
|
$
|
11,718,935
|
|
(L)
|
||||||||
Depreciation, depletion and amortization
|
|
|
|
|
|
|
|
|
$
|
225,766
|
|
|
$
|
124,367
|
|
|
$
|
35,304
|
|
|
$
|
28,734
|
|
|
$
|
188,405
|
|
|
$
|
1,509
|
|
|
$
|
—
|
|
|
$
|
415,680
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
$
|
852,097
|
|
|
$
|
286,497
|
|
|
$
|
20,413
|
|
|
$
|
11,129
|
|
|
$
|
318,039
|
|
|
$
|
4,471
|
|
|
$
|
—
|
|
|
$
|
1,174,607
|
|
|
(J)
|
Included in the Coal segment are sales of
$297,836
to Duke Energy, which comprise over 10% of sales.
|
(K)
|
Includes equity in earnings of unconsolidated affiliates of
$22,801
,
$17,039
and
$(1,363)
for E&P, Coal and All Other, respectively.
|
|
For the Three Months Ended September 30,
|
|
For the Nine Months Ended September 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Segment Earnings (Loss) Before Income Taxes for total reportable business segments
|
$
|
243,847
|
|
|
$
|
91,493
|
|
|
$
|
(409,730
|
)
|
|
$
|
425,179
|
|
Segment (Loss) Earnings Before Income Taxes for all other businesses
|
(13,885
|
)
|
|
1,085
|
|
|
(15,856
|
)
|
|
(1,811
|
)
|
||||
Interest expense, net (M)
|
(48,558
|
)
|
|
(55,397
|
)
|
|
(150,187
|
)
|
|
(170,539
|
)
|
||||
Other corporate items (M)
|
2,209
|
|
|
(19,224
|
)
|
|
(14,666
|
)
|
|
(54,136
|
)
|
||||
Loss on debt extinguishment
|
—
|
|
|
(20,990
|
)
|
|
(67,751
|
)
|
|
(95,267
|
)
|
||||
Earnings (Loss) Before Income Taxes
|
$
|
183,613
|
|
|
$
|
(3,033
|
)
|
|
$
|
(658,190
|
)
|
|
$
|
103,426
|
|
Total Assets:
|
September 30,
|
||||||
2015
|
|
2014
|
|||||
Segment assets for total reportable business segments
|
$
|
10,720,458
|
|
|
$
|
11,121,216
|
|
Segment assets for all other businesses
|
204,638
|
|
|
195,351
|
|
||
Items excluded from segment assets:
|
|
|
|
||||
Cash and other investments (M)
|
82,932
|
|
|
193,325
|
|
||
Recoverable income taxes
|
64,693
|
|
|
41,971
|
|
||
Deferred tax assets
|
78,501
|
|
|
127,731
|
|
||
Bond issuance costs
|
34,144
|
|
|
39,341
|
|
||
Total Consolidated Assets
|
$
|
11,185,366
|
|
|
$
|
11,718,935
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC Non-Guarantor
|
|
Other
Subsidiary
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Revenues and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
—
|
|
|
$
|
202,304
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(297
|
)
|
|
$
|
202,007
|
|
Unrealized Gain (Loss) on Commodity Derivative Instruments
|
—
|
|
|
99,137
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,137
|
|
|||||||
Coal Sales
|
—
|
|
|
—
|
|
|
338,967
|
|
|
64,635
|
|
|
—
|
|
|
—
|
|
|
403,602
|
|
|||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
5,129
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,129
|
|
|||||||
Production Royalty Interests and Purchased Gas Sales
|
—
|
|
|
14,080
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,080
|
|
|||||||
Freight-Outside Coal
|
—
|
|
|
—
|
|
|
2,977
|
|
|
242
|
|
|
—
|
|
|
—
|
|
|
3,219
|
|
|||||||
Miscellaneous Other Income
|
156,955
|
|
|
16,285
|
|
|
22,263
|
|
|
264
|
|
|
(171
|
)
|
|
(156,956
|
)
|
|
38,640
|
|
|||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
890
|
|
|
47,223
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
48,124
|
|
|||||||
Total Revenue and Other Income
|
156,955
|
|
|
332,696
|
|
|
416,559
|
|
|
65,152
|
|
|
(171
|
)
|
|
(157,253
|
)
|
|
813,938
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease Operating Expense
|
—
|
|
|
26,454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,454
|
|
|||||||
Transportation, Gathering and Compression
|
—
|
|
|
92,606
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
92,606
|
|
|||||||
Production, Ad Valorem, and Other Fees
|
—
|
|
|
8,475
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,475
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
10,711
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,711
|
|
|||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
89,742
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89,742
|
|
|||||||
Exploration and Production Related Other Costs
|
—
|
|
|
3,332
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
(15
|
)
|
|
3,332
|
|
|||||||
Production Royalty Interests and Purchased Gas Costs
|
—
|
|
|
10,989
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,989
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
26,986
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,986
|
|
|||||||
General and Administrative
|
—
|
|
|
12,513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,513
|
|
|||||||
Total Exploration and Production Costs
|
—
|
|
|
281,808
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
(15
|
)
|
|
281,808
|
|
|||||||
Coal Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating and Other Costs
|
1,972
|
|
|
—
|
|
|
137,336
|
|
|
34,167
|
|
|
—
|
|
|
(297
|
)
|
|
173,178
|
|
|||||||
Royalties and Production Taxes
|
—
|
|
|
—
|
|
|
16,547
|
|
|
2,554
|
|
|
—
|
|
|
—
|
|
|
19,101
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
6,989
|
|
|
1,236
|
|
|
—
|
|
|
—
|
|
|
8,225
|
|
|||||||
Depreciation, Depletion and Amortization
|
154
|
|
|
—
|
|
|
54,657
|
|
|
8,431
|
|
|
—
|
|
|
—
|
|
|
63,242
|
|
|||||||
Freight Expense
|
—
|
|
|
—
|
|
|
2,977
|
|
|
242
|
|
|
—
|
|
|
—
|
|
|
3,219
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
5,508
|
|
|
1,969
|
|
|
—
|
|
|
—
|
|
|
7,477
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
—
|
|
|
10,680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,680
|
|
|||||||
Total Coal Costs
|
2,126
|
|
|
—
|
|
|
234,694
|
|
|
48,599
|
|
|
—
|
|
|
(297
|
)
|
|
285,122
|
|
|||||||
Other Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Miscellaneous Operating Expense
|
14,571
|
|
|
—
|
|
|
217
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
14,832
|
|
|||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|||||||
Interest Expense
|
44,385
|
|
|
701
|
|
|
1,587
|
|
|
1,888
|
|
|
—
|
|
|
(3
|
)
|
|
48,558
|
|
|||||||
Total Other Costs
|
58,956
|
|
|
701
|
|
|
1,809
|
|
|
1,888
|
|
|
44
|
|
|
(3
|
)
|
|
63,395
|
|
|||||||
Total Costs And Expenses
|
61,082
|
|
|
282,509
|
|
|
236,503
|
|
|
50,487
|
|
|
59
|
|
|
(315
|
)
|
|
630,325
|
|
|||||||
(Loss) Earnings Before Income Tax
|
95,873
|
|
|
50,187
|
|
|
180,056
|
|
|
14,665
|
|
|
(230
|
)
|
|
(156,938
|
)
|
|
183,613
|
|
|||||||
Income Taxes
|
(23,107
|
)
|
|
19,841
|
|
|
61,497
|
|
|
—
|
|
|
(88
|
)
|
|
—
|
|
|
58,143
|
|
|||||||
Net Income (Loss)
|
118,980
|
|
|
30,346
|
|
|
118,559
|
|
|
14,665
|
|
|
(142
|
)
|
|
(156,938
|
)
|
|
125,470
|
|
|||||||
Less: Net Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,490
|
|
|
6,490
|
|
|||||||
Net Income (Loss) Attributable to CONSOL Energy Shareholders
|
$
|
118,980
|
|
|
$
|
30,346
|
|
|
$
|
118,559
|
|
|
$
|
14,665
|
|
|
$
|
(142
|
)
|
|
$
|
(163,428
|
)
|
|
$
|
118,980
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC
Non-Guarantor |
|
Other Subsidiary
Non-Guarantors |
|
Elimination
|
|
Consolidated
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and Cash Equivalents
|
$
|
78,974
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
3,004
|
|
|
$
|
953
|
|
|
$
|
—
|
|
|
$
|
83,019
|
|
Accounts and Notes Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trade
|
—
|
|
|
67,132
|
|
|
147,613
|
|
|
23,151
|
|
|
—
|
|
|
—
|
|
|
237,896
|
|
|||||||
Other Receivables
|
30,474
|
|
|
104,405
|
|
|
4,549
|
|
|
412
|
|
|
—
|
|
|
—
|
|
|
139,840
|
|
|||||||
Inventories
|
—
|
|
|
14,967
|
|
|
85,327
|
|
|
12,656
|
|
|
—
|
|
|
—
|
|
|
112,950
|
|
|||||||
Deferred Income Taxes
|
95,868
|
|
|
(17,367
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78,501
|
|
|||||||
Recoverable Income Taxes
|
123,719
|
|
|
(59,026
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
64,693
|
|
|||||||
Prepaid Expenses
|
34,042
|
|
|
191,374
|
|
|
23,118
|
|
|
5,028
|
|
|
—
|
|
|
—
|
|
|
253,562
|
|
|||||||
Total Current Assets
|
363,077
|
|
|
301,573
|
|
|
260,607
|
|
|
44,251
|
|
|
953
|
|
|
—
|
|
|
970,461
|
|
|||||||
Property, Plant and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Property, Plant and Equipment
|
155,971
|
|
|
8,803,493
|
|
|
5,886,477
|
|
|
687,775
|
|
|
—
|
|
|
—
|
|
|
15,533,716
|
|
|||||||
Less-Accumulated Depreciation, Depletion and Amortization
|
109,783
|
|
|
2,599,543
|
|
|
2,752,834
|
|
|
312,576
|
|
|
—
|
|
|
—
|
|
|
5,774,736
|
|
|||||||
Total Property, Plant and Equipment-Net
|
46,188
|
|
|
6,203,950
|
|
|
3,133,643
|
|
|
375,199
|
|
|
—
|
|
|
—
|
|
|
9,758,980
|
|
|||||||
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment in Affiliates
|
11,252,610
|
|
|
205,987
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,248,505
|
)
|
|
210,092
|
|
|||||||
Other
|
80,876
|
|
|
56,032
|
|
|
93,404
|
|
|
15,521
|
|
|
—
|
|
|
—
|
|
|
245,833
|
|
|||||||
Total Other Assets
|
11,333,486
|
|
|
262,019
|
|
|
93,404
|
|
|
15,521
|
|
|
—
|
|
|
(11,248,505
|
)
|
|
455,925
|
|
|||||||
Total Assets
|
$
|
11,742,751
|
|
|
$
|
6,767,542
|
|
|
$
|
3,487,654
|
|
|
$
|
434,971
|
|
|
$
|
953
|
|
|
$
|
(11,248,505
|
)
|
|
$
|
11,185,366
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Accounts Payable
|
$
|
270,498
|
|
|
$
|
204,456
|
|
|
$
|
56,678
|
|
|
$
|
15,302
|
|
|
$
|
(226,885
|
)
|
|
$
|
11,909
|
|
|
$
|
331,958
|
|
Accounts Payable (Recoverable)-Related Parties
|
3,160,775
|
|
|
1,485,416
|
|
|
(4,652,920
|
)
|
|
1,188
|
|
|
17,450
|
|
|
(11,909
|
)
|
|
—
|
|
|||||||
Current Portion of Long-Term Debt
|
1,557
|
|
|
7,060
|
|
|
3,452
|
|
|
344
|
|
|
—
|
|
|
—
|
|
|
12,413
|
|
|||||||
Short-Term Notes Payable
|
945,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
945,000
|
|
|||||||
Other Accrued Liabilities
|
157,712
|
|
|
116,180
|
|
|
264,459
|
|
|
39,981
|
|
|
—
|
|
|
—
|
|
|
578,332
|
|
|||||||
Total Current Liabilities
|
4,535,542
|
|
|
1,813,112
|
|
|
(4,328,331
|
)
|
|
56,815
|
|
|
(209,435
|
)
|
|
—
|
|
|
1,867,703
|
|
|||||||
Long-Term Debt:
|
2,447,048
|
|
|
35,078
|
|
|
114,189
|
|
|
180,363
|
|
|
—
|
|
|
—
|
|
|
2,776,678
|
|
|||||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Deferred Income Taxes
|
(98,951
|
)
|
|
168,898
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,947
|
|
|||||||
Postretirement Benefits Other Than Pensions
|
—
|
|
|
—
|
|
|
632,049
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
632,049
|
|
|||||||
Pneumoconiosis Benefits
|
—
|
|
|
—
|
|
|
117,110
|
|
|
1,422
|
|
|
—
|
|
|
—
|
|
|
118,532
|
|
|||||||
Mine Closing
|
—
|
|
|
—
|
|
|
294,227
|
|
|
6,656
|
|
|
—
|
|
|
—
|
|
|
300,883
|
|
|||||||
Gas Well Closing
|
—
|
|
|
122,049
|
|
|
60,580
|
|
|
794
|
|
|
—
|
|
|
—
|
|
|
183,423
|
|
|||||||
Workers’ Compensation
|
—
|
|
|
—
|
|
|
72,495
|
|
|
3,219
|
|
|
—
|
|
|
—
|
|
|
75,714
|
|
|||||||
Salary Retirement
|
90,459
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90,459
|
|
|||||||
Reclamation
|
—
|
|
|
—
|
|
|
34,088
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,088
|
|
|||||||
Other
|
35,660
|
|
|
86,876
|
|
|
24,899
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
148,040
|
|
|||||||
Total Deferred Credits and Other Liabilities
|
27,168
|
|
|
377,823
|
|
|
1,235,448
|
|
|
12,696
|
|
|
—
|
|
|
—
|
|
|
1,653,135
|
|
|||||||
Total CONSOL Energy Inc. Stockholders’ Equity
|
4,732,993
|
|
|
4,541,529
|
|
|
6,466,348
|
|
|
185,097
|
|
|
210,388
|
|
|
(11,403,362
|
)
|
|
4,732,993
|
|
|||||||
Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154,857
|
|
|
154,857
|
|
|||||||
Total Liabilities and Equity
|
$
|
11,742,751
|
|
|
$
|
6,767,542
|
|
|
$
|
3,487,654
|
|
|
$
|
434,971
|
|
|
$
|
953
|
|
|
$
|
(11,248,505
|
)
|
|
$
|
11,185,366
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC
Non-Guarantor |
|
Other
Subsidiary
Non-Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Revenues and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
—
|
|
|
$
|
257,844
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(486
|
)
|
|
$
|
257,358
|
|
Coal Sales
|
—
|
|
|
—
|
|
|
408,032
|
|
|
75,928
|
|
|
—
|
|
|
—
|
|
|
483,960
|
|
|||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
8,175
|
|
|
—
|
|
|
65,498
|
|
|
—
|
|
|
73,673
|
|
|||||||
Production Royalty Interests and Purchased Gas Sales
|
—
|
|
|
18,815
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,815
|
|
|||||||
Freight-Outside Coal
|
—
|
|
|
—
|
|
|
2,341
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
2,497
|
|
|||||||
Miscellaneous Other Income
|
62,288
|
|
|
13,861
|
|
|
24,937
|
|
|
58
|
|
|
2,400
|
|
|
(62,760
|
)
|
|
40,784
|
|
|||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
5,488
|
|
|
2,030
|
|
|
3
|
|
|
8
|
|
|
—
|
|
|
7,529
|
|
|||||||
Total Revenue and Other Income
|
62,288
|
|
|
296,008
|
|
|
445,515
|
|
|
76,145
|
|
|
67,906
|
|
|
(63,246
|
)
|
|
884,616
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease Operating Expense
|
—
|
|
|
30,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,005
|
|
|||||||
Transportation, Gathering and Compression
|
—
|
|
|
68,234
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,234
|
|
|||||||
Production, Ad Valorem, and Other Fees
|
—
|
|
|
8,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,486
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
14,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,060
|
|
|||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
82,538
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,538
|
|
|||||||
Exploration and Production Related Other Costs
|
—
|
|
|
8,045
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,045
|
|
|||||||
Production Royalty Interests and Purchased Gas Costs
|
—
|
|
|
15,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,751
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
13,700
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,700
|
|
|||||||
General and Administrative
|
—
|
|
|
14,874
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,874
|
|
|||||||
Total Exploration and Production Costs
|
—
|
|
|
255,693
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
255,693
|
|
|||||||
Coal Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating and Other Costs
|
3,459
|
|
|
—
|
|
|
296,391
|
|
|
45,628
|
|
|
—
|
|
|
(486
|
)
|
|
344,992
|
|
|||||||
Royalties and Production Taxes
|
—
|
|
|
—
|
|
|
20,079
|
|
|
3,227
|
|
|
—
|
|
|
—
|
|
|
23,306
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
9,099
|
|
|
1,583
|
|
|
—
|
|
|
—
|
|
|
10,682
|
|
|||||||
Depreciation, Depletion and Amortization
|
159
|
|
|
—
|
|
|
56,568
|
|
|
8,913
|
|
|
—
|
|
|
—
|
|
|
65,640
|
|
|||||||
Freight Expense
|
—
|
|
|
—
|
|
|
2,341
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
2,497
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
8,016
|
|
|
2,623
|
|
|
—
|
|
|
—
|
|
|
10,639
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
—
|
|
|
10,113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,113
|
|
|||||||
Total Coal Costs
|
3,618
|
|
|
—
|
|
|
402,607
|
|
|
62,130
|
|
|
—
|
|
|
(486
|
)
|
|
467,869
|
|
|||||||
Other Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Miscellaneous Operating Expense
|
24,104
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
62,808
|
|
|
—
|
|
|
86,993
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
220
|
|
|
—
|
|
|
220
|
|
|||||||
Depreciation, Depletion and Amortization
|
14
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
467
|
|
|
—
|
|
|
487
|
|
|||||||
Loss on Debt Extinguishment
|
20,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,990
|
|
|||||||
Interest Expense
|
52,908
|
|
|
2,629
|
|
|
(612
|
)
|
|
2,190
|
|
|
91
|
|
|
(1,809
|
)
|
|
55,397
|
|
|||||||
Total Other Costs
|
98,016
|
|
|
2,629
|
|
|
(525
|
)
|
|
2,190
|
|
|
63,586
|
|
|
(1,809
|
)
|
|
164,087
|
|
|||||||
Total Costs And Expenses
|
101,634
|
|
|
258,322
|
|
|
402,082
|
|
|
64,320
|
|
|
63,586
|
|
|
(2,295
|
)
|
|
887,649
|
|
|||||||
(Loss) Earnings Before Income Tax
|
(39,346
|
)
|
|
37,686
|
|
|
43,433
|
|
|
11,825
|
|
|
4,320
|
|
|
(60,951
|
)
|
|
(3,033
|
)
|
|||||||
Income Taxes
|
(37,701
|
)
|
|
13,281
|
|
|
21,399
|
|
|
—
|
|
|
1,633
|
|
|
—
|
|
|
(1,388
|
)
|
|||||||
Net (Loss) Income
|
$
|
(1,645
|
)
|
|
$
|
24,405
|
|
|
$
|
22,034
|
|
|
$
|
11,825
|
|
|
$
|
2,687
|
|
|
$
|
(60,951
|
)
|
|
$
|
(1,645
|
)
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC Non-Guarantor
|
|
Other
Subsidiary
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and Cash Equivalents
|
$
|
145,236
|
|
|
$
|
30,682
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
1,068
|
|
|
$
|
—
|
|
|
$
|
176,989
|
|
Accounts and Notes Receivable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Trade
|
—
|
|
|
117,912
|
|
|
—
|
|
|
—
|
|
|
141,905
|
|
|
—
|
|
|
259,817
|
|
|||||||
Other Receivables
|
25,497
|
|
|
309,247
|
|
|
29,937
|
|
|
384
|
|
|
12
|
|
|
(17,931
|
)
|
|
347,146
|
|
|||||||
Inventories
|
—
|
|
|
14,748
|
|
|
76,486
|
|
|
10,639
|
|
|
—
|
|
|
—
|
|
|
101,873
|
|
|||||||
Deferred Income Taxes
|
99,776
|
|
|
(33,207
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,569
|
|
|||||||
Recoverable Income Taxes
|
79,426
|
|
|
(59,025
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,401
|
|
|||||||
Prepaid Expenses
|
38,421
|
|
|
129,796
|
|
|
21,416
|
|
|
3,922
|
|
|
—
|
|
|
—
|
|
|
193,555
|
|
|||||||
Total Current Assets
|
388,356
|
|
|
510,153
|
|
|
127,839
|
|
|
14,948
|
|
|
142,985
|
|
|
(17,931
|
)
|
|
1,166,350
|
|
|||||||
Property, Plant and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Property, Plant and Equipment
|
158,555
|
|
|
8,066,308
|
|
|
5,763,321
|
|
|
686,593
|
|
|
—
|
|
|
—
|
|
|
14,674,777
|
|
|||||||
Less-Accumulated Depreciation, Depletion and Amortization
|
108,432
|
|
|
1,497,569
|
|
|
2,618,597
|
|
|
287,707
|
|
|
—
|
|
|
—
|
|
|
4,512,305
|
|
|||||||
Total Property, Plant and Equipment-Net
|
50,123
|
|
|
6,568,739
|
|
|
3,144,724
|
|
|
398,886
|
|
|
—
|
|
|
—
|
|
|
10,162,472
|
|
|||||||
Other Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Investment in Affiliates
|
12,571,886
|
|
|
121,721
|
|
|
27,544
|
|
|
—
|
|
|
—
|
|
|
(12,568,193
|
)
|
|
152,958
|
|
|||||||
Notes Receivable
|
—
|
|
|
—
|
|
|
160,831
|
|
|
—
|
|
|
—
|
|
|
(160,831
|
)
|
|
—
|
|
|||||||
Other
|
172,884
|
|
|
71,339
|
|
|
28,550
|
|
|
4,977
|
|
|
—
|
|
|
—
|
|
|
277,750
|
|
|||||||
Total Other Assets
|
12,744,770
|
|
|
193,060
|
|
|
216,925
|
|
|
4,977
|
|
|
—
|
|
|
(12,729,024
|
)
|
|
430,708
|
|
|||||||
Total Assets
|
$
|
13,183,249
|
|
|
$
|
7,271,952
|
|
|
$
|
3,489,488
|
|
|
$
|
418,811
|
|
|
$
|
142,985
|
|
|
$
|
(12,746,955
|
)
|
|
$
|
11,759,530
|
|
Liabilities and Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Accounts Payable
|
$
|
86,313
|
|
|
$
|
385,381
|
|
|
$
|
44,497
|
|
|
$
|
15,782
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
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
|
|
|
3,599
|
|
|
18,261
|
|
|
—
|
|
|
(17,931
|
)
|
|
13,016
|
|
|||||||
Short-Term Notes Payable
|
—
|
|
|
720,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(720,150
|
)
|
|
—
|
|
|||||||
Other Accrued Liabilities
|
119,484
|
|
|
172,787
|
|
|
275,199
|
|
|
35,502
|
|
|
—
|
|
|
—
|
|
|
602,972
|
|
|||||||
Total Current Liabilities
|
4,707,456
|
|
|
1,467,678
|
|
|
(5,009,914
|
)
|
|
69,545
|
|
|
(68,873
|
)
|
|
(17,931
|
)
|
|
1,147,961
|
|
|||||||
Long-Term Debt:
|
3,124,129
|
|
|
37,342
|
|
|
114,078
|
|
|
161,160
|
|
|
—
|
|
|
(160,831
|
)
|
|
3,275,878
|
|
|||||||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Deferred Income Taxes
|
(148,925
|
)
|
|
474,517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
325,592
|
|
|||||||
Postretirement Benefits Other Than Pensions
|
—
|
|
|
—
|
|
|
698,401
|
|
|
5,279
|
|
|
—
|
|
|
—
|
|
|
703,680
|
|
|||||||
Pneumoconiosis Benefits
|
—
|
|
|
—
|
|
|
115,691
|
|
|
1,250
|
|
|
—
|
|
|
—
|
|
|
116,941
|
|
|||||||
Mine Closing
|
—
|
|
|
—
|
|
|
299,663
|
|
|
7,126
|
|
|
—
|
|
|
—
|
|
|
306,789
|
|
|||||||
Gas Well Closing
|
—
|
|
|
116,930
|
|
|
57,604
|
|
|
835
|
|
|
—
|
|
|
—
|
|
|
175,369
|
|
|||||||
Workers’ Compensation
|
—
|
|
|
—
|
|
|
73,566
|
|
|
2,381
|
|
|
—
|
|
|
—
|
|
|
75,947
|
|
|||||||
Salary Retirement
|
109,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
109,956
|
|
|||||||
Reclamation
|
—
|
|
|
—
|
|
|
33,788
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,788
|
|
|||||||
Other
|
61,175
|
|
|
94,378
|
|
|
2,009
|
|
|
609
|
|
|
—
|
|
|
—
|
|
|
158,171
|
|
|||||||
Total Deferred Credits and Other Liabilities
|
22,206
|
|
|
685,825
|
|
|
1,280,722
|
|
|
17,480
|
|
|
—
|
|
|
—
|
|
|
2,006,233
|
|
|||||||
Total CONSOL Energy Inc. Stockholders’ Equity
|
5,329,458
|
|
|
5,081,107
|
|
|
7,104,602
|
|
|
170,626
|
|
|
211,858
|
|
|
(12,568,193
|
)
|
|
5,329,458
|
|
|||||||
Total Liabilities and Equity
|
$
|
13,183,249
|
|
|
$
|
7,271,952
|
|
|
$
|
3,489,488
|
|
|
$
|
418,811
|
|
|
$
|
142,985
|
|
|
$
|
(12,746,955
|
)
|
|
$
|
11,759,530
|
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC Non-
Guarantor |
|
Other
Subsidiary
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Revenues and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
—
|
|
|
$
|
659,692
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,194
|
)
|
|
$
|
658,498
|
|
Unrealized Gain (Loss) on Commodity Derivative Instruments
|
—
|
|
|
134,205
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134,205
|
|
|||||||
Coal Sales
|
—
|
|
|
—
|
|
|
1,109,427
|
|
|
205,321
|
|
|
—
|
|
|
—
|
|
|
1,314,748
|
|
|||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
24,596
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,596
|
|
|||||||
Production Royalty Interests and Purchased Gas Sales
|
—
|
|
|
39,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,423
|
|
|||||||
Freight-Outside Coal
|
—
|
|
|
—
|
|
|
12,738
|
|
|
1,257
|
|
|
—
|
|
|
—
|
|
|
13,995
|
|
|||||||
Miscellaneous Other Income
|
(246,791
|
)
|
|
46,625
|
|
|
65,510
|
|
|
615
|
|
|
4,105
|
|
|
242,336
|
|
|
112,400
|
|
|||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
3,076
|
|
|
51,492
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
54,604
|
|
|||||||
Total Revenue and Other Income
|
(246,791
|
)
|
|
883,021
|
|
|
1,263,763
|
|
|
207,229
|
|
|
4,105
|
|
|
241,142
|
|
|
2,352,469
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease Operating Expense
|
—
|
|
|
83,385
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,385
|
|
|||||||
Transportation, Gathering and Compression
|
—
|
|
|
258,329
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
258,329
|
|
|||||||
Production, Ad Valorem, and Other Fees
|
—
|
|
|
24,605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,605
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
38,630
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,630
|
|
|||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
262,356
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
262,356
|
|
|||||||
Exploration and Production Related Other Costs
|
—
|
|
|
7,694
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
7,694
|
|
|||||||
Production Royalty Interests and Purchased Gas Costs
|
—
|
|
|
30,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,751
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
66,633
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,633
|
|
|||||||
Impairment of Exploration and Production Properties
|
—
|
|
|
828,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
828,905
|
|
|||||||
General and Administrative
|
—
|
|
|
42,086
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,086
|
|
|||||||
Total Exploration and Production Costs
|
—
|
|
|
1,643,374
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(9
|
)
|
|
1,643,374
|
|
|||||||
Coal Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating and Other Costs
|
5,568
|
|
|
—
|
|
|
639,888
|
|
|
111,783
|
|
|
—
|
|
|
(1,194
|
)
|
|
756,045
|
|
|||||||
Royalties and Production Taxes
|
—
|
|
|
—
|
|
|
55,178
|
|
|
8,296
|
|
|
—
|
|
|
—
|
|
|
63,474
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
22,344
|
|
|
3,848
|
|
|
—
|
|
|
—
|
|
|
26,192
|
|
|||||||
Depreciation, Depletion and Amortization
|
447
|
|
|
—
|
|
|
168,564
|
|
|
26,696
|
|
|
—
|
|
|
—
|
|
|
195,707
|
|
|||||||
Freight Expense
|
—
|
|
|
—
|
|
|
12,738
|
|
|
1,257
|
|
|
—
|
|
|
—
|
|
|
13,995
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
15,024
|
|
|
6,762
|
|
|
—
|
|
|
—
|
|
|
21,786
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
—
|
|
|
32,863
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,863
|
|
|||||||
Total Coal Costs
|
6,015
|
|
|
—
|
|
|
946,599
|
|
|
158,642
|
|
|
—
|
|
|
(1,194
|
)
|
|
1,110,062
|
|
|||||||
Other Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Miscellaneous Operating Expense
|
37,775
|
|
|
—
|
|
|
997
|
|
|
—
|
|
|
496
|
|
|
—
|
|
|
39,268
|
|
|||||||
Depreciation, Depletion and Amortization
|
2
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||||
Loss on Debt Extinguishment
|
67,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,751
|
|
|||||||
Interest Expense
|
141,493
|
|
|
4,840
|
|
|
4,776
|
|
|
6,597
|
|
|
76
|
|
|
(7,595
|
)
|
|
150,187
|
|
|||||||
Total Other Costs
|
247,021
|
|
|
4,840
|
|
|
5,788
|
|
|
6,597
|
|
|
572
|
|
|
(7,595
|
)
|
|
257,223
|
|
|||||||
Total Costs And Expenses
|
253,036
|
|
|
1,648,214
|
|
|
952,387
|
|
|
165,239
|
|
|
581
|
|
|
(8,798
|
)
|
|
3,010,659
|
|
|||||||
(Loss) Earnings Before Income Tax
|
(499,827
|
)
|
|
(765,193
|
)
|
|
311,376
|
|
|
41,990
|
|
|
3,524
|
|
|
249,940
|
|
|
(658,190
|
)
|
|||||||
Income Taxes
|
(94,536
|
)
|
|
(286,335
|
)
|
|
120,149
|
|
|
—
|
|
|
1,333
|
|
|
—
|
|
|
(259,389
|
)
|
|||||||
Net (Loss) Income
|
(405,291
|
)
|
|
(478,858
|
)
|
|
191,227
|
|
|
41,990
|
|
|
2,191
|
|
|
249,940
|
|
|
(398,801
|
)
|
|||||||
Less: Net Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,490
|
|
|
6,490
|
|
|||||||
Net (Loss) Income Attributable to CONSOL Energy Shareholders
|
$
|
(405,291
|
)
|
|
$
|
(478,858
|
)
|
|
$
|
191,227
|
|
|
$
|
41,990
|
|
|
$
|
2,191
|
|
|
$
|
243,450
|
|
|
$
|
(405,291
|
)
|
|
Parent
Issuer
|
|
CNX Gas
Guarantor
|
|
Other
Subsidiary
Guarantors
|
|
CNXC Non-
Guarantor |
|
Other
Subsidiary
Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Revenues and Other Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Natural Gas, NGLs and Oil Sales
|
$
|
—
|
|
|
$
|
755,337
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,938
|
)
|
|
$
|
753,399
|
|
Coal Sales
|
—
|
|
|
—
|
|
|
1,309,606
|
|
|
245,333
|
|
|
—
|
|
|
—
|
|
|
1,554,939
|
|
|||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
28,685
|
|
|
—
|
|
|
184,362
|
|
|
—
|
|
|
213,047
|
|
|||||||
Production Royalty Interests and Purchased Gas Sales
|
—
|
|
|
68,773
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
68,773
|
|
|||||||
Freight-Outside Coal
|
—
|
|
|
—
|
|
|
19,565
|
|
|
2,986
|
|
|
—
|
|
|
—
|
|
|
22,551
|
|
|||||||
Miscellaneous Other Income
|
304,076
|
|
|
51,688
|
|
|
99,525
|
|
|
7,269
|
|
|
7,442
|
|
|
(304,185
|
)
|
|
165,815
|
|
|||||||
Gain (Loss) on Sale of Assets
|
—
|
|
|
11,560
|
|
|
922
|
|
|
120
|
|
|
13
|
|
|
—
|
|
|
12,615
|
|
|||||||
Total Revenue and Other Income
|
304,076
|
|
|
887,358
|
|
|
1,458,303
|
|
|
255,708
|
|
|
191,817
|
|
|
(306,123
|
)
|
|
2,791,139
|
|
|||||||
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Exploration and Production Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Lease Operating Expense
|
—
|
|
|
85,622
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,622
|
|
|||||||
Transportation, Gathering and Compression
|
—
|
|
|
179,813
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
179,813
|
|
|||||||
Production, Ad Valorem, and Other Fees
|
—
|
|
|
28,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,817
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
39,216
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,216
|
|
|||||||
Depreciation, Depletion and Amortization
|
—
|
|
|
225,766
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
225,766
|
|
|||||||
Exploration and Production Related Other Costs
|
—
|
|
|
15,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,765
|
|
|||||||
Production Royalty Interests and Purchased Gas Costs
|
—
|
|
|
58,531
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
58,518
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
60,876
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,876
|
|
|||||||
General and Administrative
|
—
|
|
|
47,755
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47,755
|
|
|||||||
Total Exploration and Production Costs
|
—
|
|
|
742,161
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
742,148
|
|
|||||||
Coal Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating and Other Costs
|
20,060
|
|
|
—
|
|
|
884,421
|
|
|
130,544
|
|
|
—
|
|
|
(1,937
|
)
|
|
1,033,088
|
|
|||||||
Royalties and Production Taxes
|
—
|
|
|
—
|
|
|
66,442
|
|
|
10,955
|
|
|
—
|
|
|
—
|
|
|
77,397
|
|
|||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
29,342
|
|
|
5,012
|
|
|
—
|
|
|
—
|
|
|
34,354
|
|
|||||||
Depreciation, Depletion and Amortization
|
472
|
|
|
—
|
|
|
163,060
|
|
|
24,873
|
|
|
—
|
|
|
—
|
|
|
188,405
|
|
|||||||
Freight Expense
|
—
|
|
|
—
|
|
|
19,565
|
|
|
2,986
|
|
|
—
|
|
|
—
|
|
|
22,551
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
24,410
|
|
|
9,595
|
|
|
—
|
|
|
—
|
|
|
34,005
|
|
|||||||
Other Corporate Expenses
|
—
|
|
|
—
|
|
|
41,444
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,444
|
|
|||||||
Total Coal Costs
|
20,532
|
|
|
—
|
|
|
1,228,684
|
|
|
183,965
|
|
|
—
|
|
|
(1,937
|
)
|
|
1,431,244
|
|
|||||||
Other Costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Miscellaneous Operating Expense
|
63,895
|
|
|
—
|
|
|
1,111
|
|
|
—
|
|
|
181,349
|
|
|
—
|
|
|
246,355
|
|
|||||||
General and Administrative Costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
651
|
|
|
—
|
|
|
651
|
|
|||||||
Depreciation, Depletion and Amortization
|
27
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
1,430
|
|
|
—
|
|
|
1,509
|
|
|||||||
Loss on Debt Extinguishment
|
95,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
95,267
|
|
|||||||
Interest Expense
|
162,729
|
|
|
6,593
|
|
|
411
|
|
|
4,709
|
|
|
185
|
|
|
(4,088
|
)
|
|
170,539
|
|
|||||||
Total Other Costs
|
321,918
|
|
|
6,593
|
|
|
1,574
|
|
|
4,709
|
|
|
183,615
|
|
|
(4,088
|
)
|
|
514,321
|
|
|||||||
Total Costs And Expenses
|
342,450
|
|
|
748,754
|
|
|
1,230,258
|
|
|
188,674
|
|
|
183,615
|
|
|
(6,038
|
)
|
|
2,687,713
|
|
|||||||
Earnings (Loss) Before Income Tax
|
(38,374
|
)
|
|
138,604
|
|
|
228,045
|
|
|
67,034
|
|
|
8,202
|
|
|
(300,085
|
)
|
|
103,426
|
|
|||||||
Income Taxes
|
(127,798
|
)
|
|
51,828
|
|
|
81,183
|
|
|
—
|
|
|
3,102
|
|
|
—
|
|
|
8,315
|
|
|||||||
Income (Loss) From Continuing Operations
|
89,424
|
|
|
86,776
|
|
|
146,862
|
|
|
67,034
|
|
|
5,100
|
|
|
(300,085
|
)
|
|
95,111
|
|
|||||||
Loss From Discontinued Operations, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,687
|
)
|
|
—
|
|
|
(5,687
|
)
|
|||||||
Net Income (Loss)
|
$
|
89,424
|
|
|
$
|
86,776
|
|
|
$
|
146,862
|
|
|
$
|
67,034
|
|
|
$
|
(587
|
)
|
|
$
|
(300,085
|
)
|
|
$
|
89,424
|
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-Guarantor
|
|
Other
Subsidiary Non-Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net Cash (Used in) Provided by Operating Activities
|
$
|
(130,724
|
)
|
|
$
|
712,504
|
|
|
$
|
(289,359
|
)
|
|
$
|
47,034
|
|
|
$
|
(112
|
)
|
|
$
|
64,940
|
|
|
$
|
404,283
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital Expenditures
|
$
|
(8,607
|
)
|
|
$
|
(749,015
|
)
|
|
$
|
(116,946
|
)
|
|
$
|
(20,588
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(895,156
|
)
|
Proceeds From Sales of Assets
|
47
|
|
|
3,600
|
|
|
79,341
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
83,044
|
|
|||||||
(Investments in), net of Distributions from, Equity Affiliates
|
—
|
|
|
(62,860
|
)
|
|
(7,364
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(70,224
|
)
|
|||||||
Net Cash (Used in) Provided by Investing Activities
|
$
|
(8,560
|
)
|
|
$
|
(808,275
|
)
|
|
$
|
(44,969
|
)
|
|
$
|
(20,532
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(882,336
|
)
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Proceeds from (Payments on) Short-Term Borrowings
|
$
|
945,000
|
|
|
$
|
70,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(70,000
|
)
|
|
$
|
945,000
|
|
(Payments on) Proceeds from Miscellaneous Borrowings
|
(6,853
|
)
|
|
(4,823
|
)
|
|
5,310
|
|
|
4,804
|
|
|
—
|
|
|
—
|
|
|
(1,562
|
)
|
|||||||
Payments on Long-Term Borrowings
|
(1,263,719
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,263,719
|
)
|
|||||||
Proceeds from Revolver - MLP
|
—
|
|
|
—
|
|
|
200,000
|
|
|
180,000
|
|
|
—
|
|
|
(200,000
|
)
|
|
180,000
|
|
|||||||
Proceeds from Sale of MLP Interest
|
—
|
|
|
—
|
|
|
148,359
|
|
|
148,359
|
|
|
—
|
|
|
(148,359
|
)
|
|
148,359
|
|
|||||||
Proceeds from Long-Term Borrowings
|
492,760
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
492,760
|
|
|||||||
Net Distributions from Offering to Parent
|
—
|
|
|
—
|
|
|
—
|
|
|
(342,711
|
)
|
|
—
|
|
|
342,711
|
|
|
—
|
|
|||||||
Net Change in Parent Advancements
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,624
|
)
|
|
—
|
|
|
9,624
|
|
|
—
|
|
|||||||
Tax Benefit from Stock-Based Compensation
|
208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
208
|
|
|||||||
Dividends Paid
|
(30,991
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,991
|
)
|
|||||||
Proceeds from Issuance of Common Stock
|
8,288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,288
|
|
|||||||
Treasury Stock Activity
|
(71,674
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(71,674
|
)
|
|||||||
Debt Issuance and Financing Fees
|
—
|
|
|
—
|
|
|
(19,341
|
)
|
|
(4,329
|
)
|
|
—
|
|
|
1,084
|
|
|
(22,586
|
)
|
|||||||
Net Cash Provided by (Used in) Financing Activities
|
$
|
73,019
|
|
|
$
|
65,177
|
|
|
$
|
334,328
|
|
|
$
|
(23,501
|
)
|
|
$
|
—
|
|
|
$
|
(64,940
|
)
|
|
$
|
384,083
|
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-Guarantor
|
|
Other Subsidiary Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net Cash (Used in) Provided by Continuing Operations
|
$
|
(87,081
|
)
|
|
$
|
512,135
|
|
|
$
|
153,821
|
|
|
$
|
88,967
|
|
|
$
|
21,155
|
|
|
$
|
182,108
|
|
|
$
|
871,105
|
|
Net Cash Used In Discontinued Operating Activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,934
|
)
|
|
—
|
|
|
(20,934
|
)
|
|||||||
Net Cash (Used in) Provided by Operating Activities
|
$
|
(87,081
|
)
|
|
$
|
512,135
|
|
|
$
|
153,821
|
|
|
$
|
88,967
|
|
|
$
|
221
|
|
|
$
|
182,108
|
|
|
$
|
850,171
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Capital Expenditures
|
$
|
(2,314
|
)
|
|
$
|
(852,097
|
)
|
|
$
|
(262,896
|
)
|
|
$
|
(57,300
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,174,607
|
)
|
Proceeds From Sales of Assets
|
(15,941
|
)
|
|
57,919
|
|
|
83,941
|
|
|
15,204
|
|
|
13
|
|
|
—
|
|
|
141,136
|
|
|||||||
(Investments in), net of Distributions from, Equity Affiliates
|
—
|
|
|
79,723
|
|
|
28,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108,532
|
|
|||||||
Net Cash (Used in) Provided by Continuing Operations
|
$
|
(18,255
|
)
|
|
$
|
(714,455
|
)
|
|
$
|
(150,146
|
)
|
|
$
|
(42,096
|
)
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
(924,939
|
)
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Payments on) Proceeds from Short-Term Borrowings
|
$
|
(11,736
|
)
|
|
$
|
233,663
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(233,663
|
)
|
|
$
|
(11,736
|
)
|
|
(Payments on) Proceeds from Miscellaneous Borrowings
|
(662
|
)
|
|
—
|
|
|
(8,137
|
)
|
|
4,686
|
|
|
(56
|
)
|
|
—
|
|
|
(4,169
|
)
|
|||||||
Payments on Long-Term Borrowings
|
(1,819,005
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,819,005
|
)
|
|||||||
Proceeds from Long-Term Borrowings
|
1,859,920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,859,920
|
|
|||||||
Net Change in Parent Advancements
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,555
|
)
|
|
—
|
|
|
51,555
|
|
|
—
|
|
|||||||
Tax Benefit from Stock-Based Compensation
|
2,478
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,478
|
|
|||||||
Dividends Paid
|
(43,119
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,119
|
)
|
|||||||
Proceeds from Issuance of Common Stock
|
13,403
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,403
|
|
|||||||
Debt Issuance and Financing Fees
|
(24,861
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,861
|
)
|
|||||||
Other Financing Activities
|
—
|
|
|
(4,460
|
)
|
|
4,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net Cash (Used in) Provided by Continuing Operations
|
$
|
(23,582
|
)
|
|
$
|
229,203
|
|
|
$
|
(3,677
|
)
|
|
$
|
(46,869
|
)
|
|
$
|
(56
|
)
|
|
$
|
(182,108
|
)
|
|
$
|
(27,089
|
)
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-
Guarantor |
|
Other Subsidiary Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net Income (Loss)
|
$
|
118,980
|
|
|
$
|
30,346
|
|
|
$
|
118,559
|
|
|
$
|
14,665
|
|
|
$
|
(142
|
)
|
|
$
|
(156,938
|
)
|
|
$
|
125,470
|
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Actuarially Determined Long-Term Liability Adjustments
|
(49,353
|
)
|
|
—
|
|
|
(49,342
|
)
|
|
(12
|
)
|
|
—
|
|
|
49,354
|
|
|
(49,353
|
)
|
|||||||
Reclassification of Cash Flow Hedge from OCI to Earnings
|
(20,602
|
)
|
|
(20,602
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,602
|
|
|
(20,602
|
)
|
|||||||
Other Comprehensive (Loss) Income:
|
(69,955
|
)
|
|
(20,602
|
)
|
|
(49,342
|
)
|
|
(12
|
)
|
|
—
|
|
|
69,956
|
|
|
(69,955
|
)
|
|||||||
Comprehensive Income (Loss)
|
49,025
|
|
|
9,744
|
|
|
69,217
|
|
|
14,653
|
|
|
(142
|
)
|
|
(86,982
|
)
|
|
55,515
|
|
|||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,490
|
|
|
6,490
|
|
|||||||
Comprehensive Income (Loss) Attributable to CONSOL Energy Inc. Shareholders
|
$
|
49,025
|
|
|
$
|
9,744
|
|
|
$
|
69,217
|
|
|
$
|
14,653
|
|
|
$
|
(142
|
)
|
|
$
|
(93,472
|
)
|
|
$
|
49,025
|
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-
Guarantor
|
|
Other Subsidiary Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net (Loss) Income
|
$
|
(1,645
|
)
|
|
$
|
24,405
|
|
|
$
|
22,034
|
|
|
$
|
11,825
|
|
|
$
|
2,687
|
|
|
$
|
(60,951
|
)
|
|
$
|
(1,645
|
)
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Actuarially Determined Long-Term Liability Adjustments
|
184,154
|
|
|
—
|
|
|
184,512
|
|
|
(358
|
)
|
|
—
|
|
|
(184,154
|
)
|
|
184,154
|
|
|||||||
Net Increase (Decrease) in the Value of Cash Flow Hedge
|
39,151
|
|
|
39,151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39,151
|
)
|
|
39,151
|
|
|||||||
Reclassification of Cash Flow Hedge from OCI to Earnings
|
(19,510
|
)
|
|
(19,510
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,510
|
|
|
(19,510
|
)
|
|||||||
Other Comprehensive Income (Loss):
|
203,795
|
|
|
19,641
|
|
|
184,512
|
|
|
(358
|
)
|
|
—
|
|
|
(203,795
|
)
|
|
203,795
|
|
|||||||
Comprehensive Income (Loss)
|
$
|
202,150
|
|
|
$
|
44,046
|
|
|
$
|
206,546
|
|
|
$
|
11,467
|
|
|
$
|
2,687
|
|
|
$
|
(264,746
|
)
|
|
$
|
202,150
|
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-
Guarantor |
|
Other Subsidiary Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net (Loss) Income
|
$
|
(405,291
|
)
|
|
$
|
(478,858
|
)
|
|
$
|
191,227
|
|
|
$
|
41,990
|
|
|
$
|
2,191
|
|
|
$
|
249,940
|
|
|
$
|
(398,801
|
)
|
Other Comprehensive (Loss) Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Actuarially Determined Long-Term Liability Adjustments
|
(40,036
|
)
|
|
—
|
|
|
(38,635
|
)
|
|
(1,401
|
)
|
|
—
|
|
|
40,036
|
|
|
(40,036
|
)
|
|||||||
Reclassification of Cash Flow Hedge from OCI to Earnings
|
(60,720
|
)
|
|
(60,720
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,720
|
|
|
(60,720
|
)
|
|||||||
Other Comprehensive (Loss) Income:
|
(100,756
|
)
|
|
(60,720
|
)
|
|
(38,635
|
)
|
|
(1,401
|
)
|
|
—
|
|
|
100,756
|
|
|
(100,756
|
)
|
|||||||
Comprehensive (Loss) Income
|
(506,047
|
)
|
|
(539,578
|
)
|
|
152,592
|
|
|
40,589
|
|
|
2,191
|
|
|
350,696
|
|
|
(499,557
|
)
|
|||||||
Less: Comprehensive Income Attributable to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,490
|
|
|
6,490
|
|
|||||||
Comprehensive (Loss) Income Attributable to CONSOL Energy Inc. Shareholders
|
$
|
(506,047
|
)
|
|
$
|
(539,578
|
)
|
|
$
|
152,592
|
|
|
$
|
40,589
|
|
|
$
|
2,191
|
|
|
$
|
344,206
|
|
|
$
|
(506,047
|
)
|
|
Parent
|
|
CNX Gas
Guarantor
|
|
Other Subsidiary Guarantors
|
|
CNXC Non-
Guarantor |
|
Other Subsidiary Non-
Guarantors
|
|
Elimination
|
|
Consolidated
|
||||||||||||||
Net Income (Loss)
|
$
|
89,424
|
|
|
$
|
86,776
|
|
|
$
|
146,862
|
|
|
$
|
67,034
|
|
|
$
|
(587
|
)
|
|
$
|
(300,085
|
)
|
|
$
|
89,424
|
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Actuarially Determined Long-Term Liability Adjustments
|
185,475
|
|
|
—
|
|
|
186,547
|
|
|
(1,072
|
)
|
|
—
|
|
|
(185,475
|
)
|
|
185,475
|
|
|||||||
Net (Decrease) Increase in the Value of Cash Flow Hedge
|
(20,032
|
)
|
|
(20,032
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,032
|
|
|
(20,032
|
)
|
|||||||
Reclassification of Cash Flow Hedge from OCI to Earnings
|
3,754
|
|
|
3,754
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,754
|
)
|
|
3,754
|
|
|||||||
Other Comprehensive Income (Loss):
|
169,197
|
|
|
(16,278
|
)
|
|
186,547
|
|
|
(1,072
|
)
|
|
—
|
|
|
(169,197
|
)
|
|
169,197
|
|
|||||||
Comprehensive Income (Loss)
|
$
|
258,621
|
|
|
$
|
70,498
|
|
|
$
|
333,409
|
|
|
$
|
65,962
|
|
|
$
|
(587
|
)
|
|
$
|
(469,282
|
)
|
|
$
|
258,621
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
|
September 30,
|
|
September 30,
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating and Other Costs
|
$
|
1,680
|
|
|
$
|
1,337
|
|
|
$
|
3,468
|
|
|
$
|
3,784
|
|
Selling and Direct Administrative Expenses
|
1,034
|
|
|
1,411
|
|
|
3,297
|
|
|
4,530
|
|
||||
General and Administrative Expenses
|
2,027
|
|
|
2,718
|
|
|
6,747
|
|
|
9,595
|
|
||||
Total Services from CONSOL Energy
|
$
|
4,741
|
|
|
$
|
5,466
|
|
|
$
|
13,512
|
|
|
$
|
17,909
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
2015
|
|
2016
|
Total Yearly Production (Bcfe) / % growth
|
|
325-330
|
|
+20%
|
Volumes Hedged (Bcf), as of 10/09/15
|
|
173.5*
|
|
224.0
|
|
|
Q4 2015
|
|
2015
|
|
2016
|
||||||
Total NYMEX + Basis
*
(Bcf)
|
|
43.1
|
|
|
123.6
|
|
|
182.9
|
|
|||
Average Hedge Price ($/Mcf)
|
|
$
|
3.42
|
|
|
$
|
3.62
|
|
|
$
|
3.30
|
|
|
|
|
|
|
|
|
||||||
NYMEX Only Hedges Exposed to Basis (Bcf)
|
|
20.2
|
|
|
49.9
|
|
|
41.1
|
|
|||
Average Hedge Price ($/Mcf)
|
|
$
|
3.50
|
|
|
$
|
3.75
|
|
|
$
|
3.58
|
|
|
|
|
|
|
|
|
||||||
Total % Volumes Hedged
|
|
67
|
%
|
|
53
|
%
|
|
57
|
%
|
|||
Total % Volumes with NYMEX and Basis Hedged
|
|
46
|
%
|
|
38
|
%
|
|
47
|
%
|
|||
Total % Volumes with NYMEX Only Hedges Exposed to Basis
|
|
21
|
%
|
|
15
|
%
|
|
11
|
%
|
|
|
2015
|
|
|
2016
|
|
Est. Total Coal Sales
|
|
28.9 - 29.9
|
|
|
30.6 - 33.4
|
|
Committed
|
|
28.6
|
|
|
20.2
|
|
Estimated Price (committed tons)
|
|
$57.00 - $59.00
|
|
|
$50.00 - $55.00
|
|
Est. PA Operations Sales
|
|
23.0 - 23.5
|
|
|
25.0 - 27.0
|
|
Committed
|
|
22.7
|
|
|
18.9
|
|
Est. VA Operations Sales
|
|
3.9 - 4.2
|
|
|
3.7 - 4.2
|
|
Committed
|
|
3.8
|
|
|
0.6
|
|
Est. Other Sales
|
|
2.0 - 2.2
|
|
|
1.9 - 2.2
|
|
Committed
|
|
2.1
|
|
|
0.7
|
|
|
|
For the Three Months Ended September 30,
|
|||||||||||||
in thousands (unless noted)
|
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
LIQUIDS
|
|
|
|
|
|
|
|
|
|||||||
NGLs:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
9,598
|
|
|
5,330
|
|
|
4,268
|
|
|
80.1
|
%
|
|||
Sales Volume (Mbbls)
|
|
1,600
|
|
|
888
|
|
|
712
|
|
|
80.2
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
4.80
|
|
|
$
|
36.00
|
|
|
$
|
(31.2
|
)
|
|
(86.7
|
)%
|
Gross Revenue
|
|
$
|
7,645
|
|
|
$
|
31,952
|
|
|
$
|
(24,307
|
)
|
|
(76.1
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Oil:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
189
|
|
|
183
|
|
|
6
|
|
|
3.3
|
%
|
|||
Sales Volume (Mbbls)
|
|
32
|
|
|
31
|
|
|
1
|
|
|
3.2
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
54.18
|
|
|
$
|
90.12
|
|
|
$
|
(35.94
|
)
|
|
(39.9
|
)%
|
Gross Revenue
|
|
$
|
1,706
|
|
|
$
|
2,750
|
|
|
$
|
(1,044
|
)
|
|
(38.0
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Condensate:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
2,337
|
|
|
815
|
|
|
1,522
|
|
|
186.7
|
%
|
|||
Sales Volume (Mbbls)
|
|
390
|
|
|
136
|
|
|
254
|
|
|
186.8
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
27.84
|
|
|
$
|
87.96
|
|
|
$
|
(60.12
|
)
|
|
(68.3
|
)%
|
Gross Revenue
|
|
$
|
10,836
|
|
|
$
|
11,950
|
|
|
$
|
(1,114
|
)
|
|
(9.3
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
GAS
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcf)
|
|
73,952
|
|
|
58,585
|
|
|
15,367
|
|
|
26.2
|
%
|
|||
Sales Price ($/Mcf)
|
|
$
|
1.86
|
|
|
$
|
3.24
|
|
|
$
|
(1.38
|
)
|
|
(42.6
|
)%
|
Hedging Impact ($/Mcf)
|
|
$
|
0.60
|
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
66.7
|
%
|
Gross Revenue including Hedging Impact
|
|
$
|
182,118
|
|
|
$
|
211,190
|
|
|
$
|
(29,072
|
)
|
|
(13.8
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price (per Mcfe)
|
$
|
2.35
|
|
|
$
|
3.97
|
|
|
$
|
(1.62
|
)
|
|
(40.8
|
)%
|
Average Costs (per Mcfe)
|
2.63
|
|
|
3.12
|
|
|
0.49
|
|
|
15.7
|
%
|
|||
Margin
|
$
|
(0.28
|
)
|
|
$
|
0.85
|
|
|
$
|
(1.13
|
)
|
|
(132.9
|
)%
|
•
|
The improvement in unit costs is primarily due to the
32.6%
increase in total volumes sold in the period-to-period comparison and the shift to lower cost Marcellus and Utica Shale production. Marcellus production made up
52.2%
of natural gas and liquid sales volumes for the
three months
ended
September 30, 2015
compared to
47.3%
for the three months ended
September 30, 2014
.
|
•
|
Depreciation, depletion and amortization decreased on a unit basis primarily due to the adjustment to our shallow oil and gas rates after the impairment in the carrying value that was recognized in the second quarter of 2015, as well as the increase in sales volumes from our lower cost Marcellus production. The decrease was offset, in part, by an increase in total dollars as production continued to grow.
|
•
|
Lifting costs also decreased on a unit basis in the period-to-period comparison due to the increase in volumes sold and the ongoing cost reduction efforts of CONSOL's E&P operations team. The decrease in unit costs was partially offset by an increase in salt water disposal costs.
|
•
|
Direct administrative costs decreased on a unit basis primarily due to increase in gas sales volumes, as well as the recent Company reorganization.
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price per ton sold
|
$
|
56.34
|
|
|
$
|
62.32
|
|
|
$
|
(5.98
|
)
|
|
(9.6
|
)%
|
Average Cost of Goods Sold per ton
|
43.39
|
|
|
49.93
|
|
|
6.54
|
|
|
13.1
|
%
|
|||
Margin
|
$
|
12.95
|
|
|
$
|
12.39
|
|
|
$
|
0.56
|
|
|
4.5
|
%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Employee Wages and Related Expenses
|
$
|
8
|
|
|
$
|
11
|
|
|
$
|
(3
|
)
|
|
(27.3
|
)%
|
Consulting and Professional Services
|
6
|
|
|
7
|
|
|
(1
|
)
|
|
(14.3
|
)%
|
|||
Contributions
|
1
|
|
|
2
|
|
|
(1
|
)
|
|
(50.0
|
)%
|
|||
Advertising and Promotion
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
%
|
|||
Miscellaneous
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
(25.0
|
)%
|
|||
Total Company General and Administrative Expense
|
$
|
20
|
|
|
$
|
26
|
|
|
$
|
(6
|
)
|
|
(23.1
|
)%
|
•
|
Employee Wages and Related Expenses decreased
$3 million
due to the Company reorganization that occurred in the
three months
ended
September 30, 2015
.
|
•
|
Consulting and professional services decreased
$1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Contributions decreased
$1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Advertising and Promotion expenses remained consistent in the period-to-period comparison.
|
•
|
Miscellaneous items decreased
$1 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
|
|
Difference to Three Months Ended
|
||||||||||||||||||||||||||||||||||||
|
|
September 30, 2015
|
|
September 30, 2014
|
||||||||||||||||||||||||||||||||||||
(in millions)
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total E&P
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total
E&P
|
||||||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Produced
|
|
$
|
97
|
|
|
$
|
22
|
|
|
$
|
63
|
|
|
$
|
20
|
|
|
$
|
202
|
|
|
$
|
(13
|
)
|
|
$
|
(14
|
)
|
|
$
|
(20
|
)
|
|
$
|
(9
|
)
|
|
$
|
(56
|
)
|
Related Party
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Total Outside Sales
|
|
97
|
|
|
22
|
|
|
63
|
|
|
20
|
|
|
202
|
|
|
(13
|
)
|
|
(14
|
)
|
|
(20
|
)
|
|
(9
|
)
|
|
(56
|
)
|
||||||||||
Unrealized Gain on Commodity Derivative Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
99
|
|
||||||||||
Production Royalty Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||||
Miscellaneous Other Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||||
Gain on Sale of Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||||||||
Total Revenue and Other Income
|
|
97
|
|
|
22
|
|
|
63
|
|
|
151
|
|
|
333
|
|
|
(13
|
)
|
|
(14
|
)
|
|
(20
|
)
|
|
84
|
|
|
37
|
|
||||||||||
Lifting
|
|
8
|
|
|
5
|
|
|
7
|
|
|
6
|
|
|
26
|
|
|
2
|
|
|
1
|
|
|
(2
|
)
|
|
(5
|
)
|
|
(4
|
)
|
||||||||||
Ad Valorem, Severance, and Other Taxes
|
|
5
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||||||
Transportation, Gathering and Compression
|
|
54
|
|
|
9
|
|
|
23
|
|
|
7
|
|
|
93
|
|
|
25
|
|
|
5
|
|
|
(4
|
)
|
|
(1
|
)
|
|
25
|
|
||||||||||
Direct Administrative and Selling
|
|
5
|
|
|
1
|
|
|
2
|
|
|
3
|
|
|
11
|
|
|
(4
|
)
|
|
—
|
|
|
(1
|
)
|
|
2
|
|
|
(3
|
)
|
||||||||||
Depreciation, Depletion and Amortization
|
|
43
|
|
|
17
|
|
|
20
|
|
|
10
|
|
|
90
|
|
|
9
|
|
|
10
|
|
|
(1
|
)
|
|
(10
|
)
|
|
8
|
|
||||||||||
General & Administration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||
Production Royalty Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||||
Exploration and Other Costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||||||
Other Corporate Expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
||||||||||
Total Exploration and Production Costs
|
|
115
|
|
|
33
|
|
|
54
|
|
|
80
|
|
|
282
|
|
|
32
|
|
|
17
|
|
|
(9
|
)
|
|
(13
|
)
|
|
27
|
|
||||||||||
Interest Expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||
Total E&P Division Costs
|
|
115
|
|
|
33
|
|
|
54
|
|
|
81
|
|
|
283
|
|
|
32
|
|
|
17
|
|
|
(9
|
)
|
|
(15
|
)
|
|
25
|
|
||||||||||
(Loss) Earnings Before Income Tax
|
|
$
|
(18
|
)
|
|
$
|
(11
|
)
|
|
$
|
9
|
|
|
$
|
70
|
|
|
$
|
50
|
|
|
$
|
(45
|
)
|
|
$
|
(31
|
)
|
|
$
|
(11
|
)
|
|
$
|
99
|
|
|
$
|
12
|
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Marcellus Gas Sales Volumes (Bcf)
|
38.1
|
|
|
27.0
|
|
|
11.1
|
|
|
41.1
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
5.5
|
|
|
3.3
|
|
|
2.2
|
|
|
66.7
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
1.3
|
|
|
0.4
|
|
|
0.9
|
|
|
225.0
|
%
|
|||
Total Marcellus Sales Volumes (Bcfe)*
|
44.9
|
|
|
30.7
|
|
|
14.2
|
|
|
46.3
|
%
|
|||
|
|
|
|
|
|
|
|
|
||||||
Average Sales Price - Gas (Mcf)
|
$
|
1.59
|
|
|
$
|
2.83
|
|
|
$
|
(1.24
|
)
|
|
(43.8
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.62
|
|
|
$
|
0.39
|
|
|
$
|
0.23
|
|
|
59.0
|
%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
0.97
|
|
|
$
|
5.34
|
|
|
$
|
(4.37
|
)
|
|
(81.8
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
5.68
|
|
|
$
|
14.52
|
|
|
$
|
(8.84
|
)
|
|
(60.9
|
)%
|
|
|
|
|
|
|
|
|
|
||||||
Total Average Marcellus sales (per Mcfe)
|
$
|
2.16
|
|
|
$
|
3.58
|
|
|
$
|
(1.42
|
)
|
|
(39.7
|
)%
|
Average Marcellus lifting costs (per Mcfe)
|
0.18
|
|
|
0.18
|
|
|
—
|
|
|
—
|
%
|
|||
Average Marcellus ad valorem, severance, and other taxes (per Mcfe)
|
0.11
|
|
|
0.15
|
|
|
(0.04
|
)
|
|
(26.7
|
)%
|
|||
Average Marcellus transportation, gathering, and compression costs (per Mcfe)
|
1.21
|
|
|
0.95
|
|
|
0.26
|
|
|
27.4
|
%
|
|||
Average Marcellus direct administrative and selling costs (per Mcfe)
|
0.12
|
|
|
0.30
|
|
|
(0.18
|
)
|
|
(60.0
|
)%
|
|||
Average Marcellus depreciation, depletion and amortization costs (per Mcfe)
|
0.95
|
|
|
1.11
|
|
|
(0.16
|
)
|
|
(14.4
|
)%
|
|||
Total Average Marcellus costs (per Mcfe)
|
$
|
2.57
|
|
|
$
|
2.69
|
|
|
$
|
(0.12
|
)
|
|
(4.5
|
)%
|
Average Margin for Marcellus (per Mcfe)
|
$
|
(0.41
|
)
|
|
$
|
0.89
|
|
|
$
|
(1.30
|
)
|
|
(146.1
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Utica Gas Sales Volumes (Bcf)
|
10.2
|
|
|
4.3
|
|
|
5.9
|
|
|
137.2
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
4.1
|
|
|
2.0
|
|
|
2.1
|
|
|
105.0
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
1.0
|
|
|
0.4
|
|
|
0.6
|
|
|
150.0
|
%
|
|||
Total Utica Sales Volumes (Bcfe)*
|
15.3
|
|
|
6.7
|
|
|
8.6
|
|
|
128.4
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
1.48
|
|
|
$
|
3.27
|
|
|
$
|
(1.79
|
)
|
|
(54.7
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
$
|
(0.08
|
)
|
|
(47.1
|
)%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
0.56
|
|
|
$
|
7.06
|
|
|
$
|
(6.50
|
)
|
|
(92.1
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
3.24
|
|
|
$
|
14.77
|
|
|
$
|
(11.53
|
)
|
|
(78.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Utica sales price (per Mcfe)
|
$
|
1.41
|
|
|
$
|
5.29
|
|
|
$
|
(3.88
|
)
|
|
(73.3
|
)%
|
Average Utica lifting costs (per Mcfe)
|
0.34
|
|
|
0.65
|
|
|
(0.31
|
)
|
|
(47.7
|
)%
|
|||
Average Utica ad valorem, severance, and other taxes (per Mcfe)
|
0.04
|
|
|
0.06
|
|
|
(0.02
|
)
|
|
(33.3
|
)%
|
|||
Average Utica transportation, gathering, and compression costs (per Mcfe)
|
0.62
|
|
|
0.53
|
|
|
0.09
|
|
|
17.0
|
%
|
|||
Average Utica direct administrative and selling costs (per Mcfe)
|
0.10
|
|
|
0.14
|
|
|
(0.04
|
)
|
|
(28.6
|
)%
|
|||
Average Utica depreciation, depletion and amortization costs (per Mcfe)
|
1.04
|
|
|
0.99
|
|
|
0.05
|
|
|
5.1
|
%
|
|||
Total Average Utica costs (per Mcfe)
|
$
|
2.14
|
|
|
$
|
2.37
|
|
|
$
|
(0.23
|
)
|
|
(9.7
|
)%
|
Average Margin for Utica (per Mcfe)
|
$
|
(0.73
|
)
|
|
$
|
2.92
|
|
|
$
|
(3.65
|
)
|
|
(125.0
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
CBM Gas Sales Volumes (Bcf)
|
18.5
|
|
|
20.0
|
|
|
(1.5
|
)
|
|
(7.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
2.65
|
|
|
$
|
3.79
|
|
|
$
|
(1.14
|
)
|
|
(30.1
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.77
|
|
|
$
|
0.38
|
|
|
$
|
0.39
|
|
|
102.6
|
%
|
|
|
|
|
|
|
|
|
|||||||
Total Average CBM sales price (per Mcf)
|
$
|
3.42
|
|
|
$
|
4.17
|
|
|
$
|
(0.75
|
)
|
|
(18.0
|
)%
|
Average CBM lifting costs (per Mcf)
|
0.39
|
|
|
0.46
|
|
|
(0.07
|
)
|
|
(15.2
|
)%
|
|||
Average CBM ad valorem, severance, and other taxes (per Mcf)
|
0.12
|
|
|
0.13
|
|
|
(0.01
|
)
|
|
(7.7
|
)%
|
|||
Average CBM transportation, gathering, and compression costs (per Mcfe)
|
1.22
|
|
|
1.36
|
|
|
(0.14
|
)
|
|
(10.3
|
)%
|
|||
Average CBM direct administrative and selling costs (per Mcf)
|
0.11
|
|
|
0.13
|
|
|
(0.02
|
)
|
|
(15.4
|
)%
|
|||
Average CBM depreciation, depletion and amortization costs (per Mcf)
|
1.10
|
|
|
1.10
|
|
|
—
|
|
|
—
|
%
|
|||
Total Average CBM costs (per Mcf)
|
$
|
2.94
|
|
|
$
|
3.18
|
|
|
$
|
(0.24
|
)
|
|
(7.5
|
)%
|
Average Margin for CBM (per Mcf)
|
$
|
0.48
|
|
|
$
|
0.99
|
|
|
$
|
(0.51
|
)
|
|
(51.5
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Other Gas Sales Volumes (Bcf)
|
7.2
|
|
|
7.3
|
|
|
(0.1
|
)
|
|
(1.4
|
)%
|
|||
Oil Sales Volumes (Bcfe)*
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
%
|
|||
Total Other Sales Volumes (Bcfe)*
|
7.4
|
|
|
7.5
|
|
|
(0.1
|
)
|
|
(1.3
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
1.81
|
|
|
$
|
3.23
|
|
|
$
|
(1.42
|
)
|
|
(44.0
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.81
|
|
|
$
|
0.36
|
|
|
$
|
0.45
|
|
|
125.0
|
%
|
Average Sales Price - Oil (Mcfe)*
|
$
|
9.25
|
|
|
$
|
15.17
|
|
|
$
|
(5.92
|
)
|
|
(39.0
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Other sales price (per Mcfe)
|
$
|
2.79
|
|
|
$
|
3.85
|
|
|
$
|
(1.06
|
)
|
|
(27.5
|
)%
|
Average Other lifting costs (per Mcfe)
|
0.83
|
|
|
1.47
|
|
|
(0.64
|
)
|
|
(43.5
|
)%
|
|||
Average Other ad valorem, severance, and other taxes (per Mcfe)
|
0.12
|
|
|
0.11
|
|
|
0.01
|
|
|
9.1
|
%
|
|||
Average Other transportation, gathering, and compression costs (per Mcfe)
|
0.86
|
|
|
1.09
|
|
|
(0.23
|
)
|
|
(21.1
|
)%
|
|||
Average Other direct administrative and selling costs (per Mcfe)
|
0.26
|
|
|
0.17
|
|
|
0.09
|
|
|
52.9
|
%
|
|||
Average Other depreciation, depletion and amortization costs (per Mcfe)
|
1.21
|
|
|
2.55
|
|
|
(1.34
|
)
|
|
(52.5
|
)%
|
|||
Total Average Other costs (per Mcfe)
|
$
|
3.28
|
|
|
$
|
5.39
|
|
|
$
|
(2.11
|
)
|
|
(39.1
|
)%
|
Average Margin for Other (per Mcfe)
|
$
|
(0.49
|
)
|
|
$
|
(1.54
|
)
|
|
$
|
1.05
|
|
|
68.2
|
%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Production Royalty Interest Sales Volumes (in billion cubic feet)
|
5.9
|
|
|
5.5
|
|
|
0.4
|
|
|
7.3
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
1.96
|
|
|
$
|
3.21
|
|
|
$
|
(1.25
|
)
|
|
(38.9
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Sales Volumes (in billion cubic feet)
|
1.2
|
|
|
0.4
|
|
|
0.8
|
|
|
200.0
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
2.12
|
|
|
$
|
3.08
|
|
|
$
|
(0.96
|
)
|
|
(31.2
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Equity in Earnings of Affiliates
|
$
|
13
|
|
|
$
|
10
|
|
|
$
|
3
|
|
|
30.0
|
%
|
Gathering Revenue
|
2
|
|
|
4
|
|
|
(2
|
)
|
|
(50.0
|
)%
|
|||
Other
|
1
|
|
|
—
|
|
|
1
|
|
|
100.0
|
%
|
|||
Total Miscellaneous Other Income
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
14.3
|
%
|
•
|
Earnings from our equity affiliates
increased
$3
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.
|
•
|
Gathering revenue decreased by
$2
million in the period-to-period comparison, primarily due to a decrease in revenue related to certain gathering arrangements.
|
•
|
The remaining $
1
million
increase
relates to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Volumes (in billion cubic feet)
|
1.2
|
|
|
0.4
|
|
|
0.8
|
|
|
200.0
|
%
|
|||
Average Cost Per thousand cubic feet sold
|
$
|
1.61
|
|
|
$
|
2.42
|
|
|
$
|
(0.81
|
)
|
|
(33.5
|
)%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Lease Expiration Costs
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
(1
|
)
|
|
(33.3
|
)%
|
Land Rentals
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
|||
Other
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
(100.0
|
)%
|
|||
Total Exploration and Other Costs
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
(5
|
)
|
|
(62.5
|
)%
|
•
|
Lease expiration costs decreased by $
1
million in the period-to-period comparison, primarily due to a decreased number of leases expiring in the
three months
ended
September 30, 2015
as compared to the
three months
ended
September 30, 2014
.
|
•
|
Land rental costs remained consistent in the period-to-period comparison.
|
•
|
The remaining $
4
million decrease related to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Idle Rig Fees
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
100.0
|
%
|
Litigation Settlements
|
1
|
|
|
(5
|
)
|
|
6
|
|
|
(120.0
|
)%
|
|||
Severance Expense
|
3
|
|
|
—
|
|
|
3
|
|
|
100.0
|
%
|
|||
Stock-Based Compensation
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
%
|
|||
Short-Term Incentive Compensation
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
(25.0
|
)%
|
|||
Unutilized Firm Transportation and Processing Fees
|
8
|
|
|
9
|
|
|
(1
|
)
|
|
(11.1
|
)%
|
|||
Other
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|||
Total Other Corporate Expenses
|
$
|
27
|
|
|
$
|
14
|
|
|
$
|
13
|
|
|
92.9
|
%
|
•
|
Idle rig fees are fees related to the temporary idling of some of the Company's natural gas rigs for the three months ended September 30, 2015. There were no idle rig fees for the three months ended September 30, 2014.
|
•
|
Litigation settlements increased by
$6
million in the period-to-period comparison due to various activities that occurred throughout both periods, none of which were individually material.
|
•
|
Severance expense was a result of the recent Company reorganization. There was no such expense in the 2014 period.
|
•
|
Stock-based compensation remained consistent in the period-to-period comparison.
|
•
|
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.
|
•
|
Unutilized firm transportation costs represent pipeline transportation capacity that 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 decreased $
1
million in the period-to-period comparison due to an increase in the utilization of the capacity.
|
•
|
Other corporate related expenses decreased $
1
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
|
||||||||||||||||||||||||||||
|
September 30, 2015
|
|
September 30, 2014
|
||||||||||||||||||||||||||||
(in millions)
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Produced Coal
|
$
|
323
|
|
|
$
|
49
|
|
|
$
|
32
|
|
|
$
|
404
|
|
|
$
|
(57
|
)
|
|
$
|
(22
|
)
|
|
$
|
—
|
|
|
$
|
(79
|
)
|
Purchased Coal
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Total Coal Sales
|
323
|
|
|
49
|
|
|
32
|
|
|
404
|
|
|
(57
|
)
|
|
(22
|
)
|
|
(1
|
)
|
|
(80
|
)
|
||||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||||
Freight Revenue
|
1
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Miscellaneous Other Income
|
1
|
|
|
—
|
|
|
20
|
|
|
21
|
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|
(5
|
)
|
||||||||
Gain on Sale of Assets
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
45
|
|
||||||||
Total Revenue and Other Income
|
325
|
|
|
49
|
|
|
106
|
|
|
480
|
|
|
(55
|
)
|
|
(22
|
)
|
|
35
|
|
|
(42
|
)
|
||||||||
Cost of Coal Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Costs
|
170
|
|
|
38
|
|
|
26
|
|
|
234
|
|
|
(55
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(66
|
)
|
||||||||
Direct Administrative and Selling
|
6
|
|
|
1
|
|
|
1
|
|
|
8
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||||
Total Royalty/Production Taxes
|
13
|
|
|
3
|
|
|
3
|
|
|
19
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
(4
|
)
|
||||||||
Depreciation, Depletion and Amortization
|
40
|
|
|
9
|
|
|
1
|
|
|
50
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(4
|
)
|
||||||||
Total Cost of Coal Sold:
|
229
|
|
|
51
|
|
|
31
|
|
|
311
|
|
|
(62
|
)
|
|
(9
|
)
|
|
(5
|
)
|
|
(76
|
)
|
||||||||
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Costs
|
(49
|
)
|
|
(24
|
)
|
|
12
|
|
|
(61
|
)
|
|
(51
|
)
|
|
(26
|
)
|
|
(30
|
)
|
|
(107
|
)
|
||||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||||
Total Royalty/Production taxes
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||
Depreciation, Depletion and Amortization
|
2
|
|
|
3
|
|
|
8
|
|
|
13
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Total Other Costs and Expenses:
|
(47
|
)
|
|
(21
|
)
|
|
21
|
|
|
(47
|
)
|
|
(51
|
)
|
|
(25
|
)
|
|
(30
|
)
|
|
(106
|
)
|
||||||||
General and Administrative Expense
|
3
|
|
|
1
|
|
|
3
|
|
|
7
|
|
|
(3
|
)
|
|
(1
|
)
|
|
1
|
|
|
(3
|
)
|
||||||||
Other Corporate Expense
|
5
|
|
|
2
|
|
|
4
|
|
|
11
|
|
|
(2
|
)
|
|
—
|
|
|
3
|
|
|
1
|
|
||||||||
Freight Expense
|
1
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Total Coal Costs
|
191
|
|
|
33
|
|
|
61
|
|
|
285
|
|
|
(117
|
)
|
|
(35
|
)
|
|
(31
|
)
|
|
(183
|
)
|
||||||||
Interest Expense
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
Total Coal Division Costs
|
193
|
|
|
33
|
|
|
61
|
|
|
287
|
|
|
(115
|
)
|
|
(35
|
)
|
|
(31
|
)
|
|
(181
|
)
|
||||||||
Earnings (Loss) Before Income Taxes
|
$
|
132
|
|
|
$
|
16
|
|
|
$
|
45
|
|
|
$
|
193
|
|
|
$
|
60
|
|
|
$
|
13
|
|
|
$
|
66
|
|
|
$
|
139
|
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced PA Operations Tons Sold (in millions)
|
5.7
|
|
|
6.2
|
|
|
(0.5
|
)
|
|
(8.1
|
)%
|
|||
Average Sales Price Per PA Operations Ton Sold
|
$
|
56.99
|
|
|
$
|
61.35
|
|
|
$
|
(4.36
|
)
|
|
(7.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
30.24
|
|
|
$
|
36.69
|
|
|
$
|
(6.45
|
)
|
|
(17.6
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.06
|
|
|
1.23
|
|
|
(0.17
|
)
|
|
(13.8
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
2.20
|
|
|
2.53
|
|
|
(0.33
|
)
|
|
(13.0
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
6.88
|
|
|
6.61
|
|
|
0.27
|
|
|
4.1
|
%
|
|||
Total Costs Per PA Operations Ton Sold
|
$
|
40.38
|
|
|
$
|
47.06
|
|
|
$
|
(6.68
|
)
|
|
(14.2
|
)%
|
Average Margin Per PA Operations Ton Sold
|
$
|
16.61
|
|
|
$
|
14.29
|
|
|
$
|
2.32
|
|
|
16.2
|
%
|
|
For the Three Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced VA Operations Tons Sold (in millions)
|
0.9
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
(10.0
|
)%
|
|||
Average Sales Price Per VA Operations Ton Sold
|
$
|
51.82
|
|
|
$
|
70.57
|
|
|
$
|
(18.75
|
)
|
|
(26.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
40.14
|
|
|
$
|
44.37
|
|
|
$
|
(4.23
|
)
|
|
(9.5
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.53
|
|
|
1.40
|
|
|
0.13
|
|
|
9.3
|
%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
3.06
|
|
|
4.50
|
|
|
(1.44
|
)
|
|
(32.0
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
9.10
|
|
|
10.94
|
|
|
(1.84
|
)
|
|
(16.8
|
)%
|
|||
Total Costs Per VA Operations Ton Sold
|
$
|
53.83
|
|
|
$
|
61.21
|
|
|
$
|
(7.38
|
)
|
|
(12.1
|
)%
|
Average Margin Per VA Operations Ton Sold
|
$
|
(2.01
|
)
|
|
$
|
9.36
|
|
|
$
|
(11.37
|
)
|
|
(121.5
|
)%
|
|
For the Three Months Ended June 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced Other Operations Tons Sold (in millions)
|
0.6
|
|
|
0.6
|
|
|
—
|
|
|
—
|
%
|
|||
Average Sales Price Per Other Operations Ton Sold
|
$
|
57.36
|
|
|
$
|
58.27
|
|
|
$
|
(0.91
|
)
|
|
(1.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
47.30
|
|
|
$
|
51.98
|
|
|
$
|
(4.68
|
)
|
|
(9.0
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.22
|
|
|
1.13
|
|
|
0.09
|
|
|
8.0
|
%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
4.96
|
|
|
5.02
|
|
|
(0.06
|
)
|
|
(1.2
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
3.01
|
|
|
3.15
|
|
|
(0.14
|
)
|
|
(4.4
|
)%
|
|||
Total Costs Per Other Operations Ton Sold
|
$
|
56.49
|
|
|
$
|
61.28
|
|
|
$
|
(4.79
|
)
|
|
(7.8
|
)%
|
Average Margin Per Other Operations Ton Sold
|
$
|
0.87
|
|
|
$
|
(3.01
|
)
|
|
$
|
3.88
|
|
|
128.9
|
%
|
|
|
For the Three Months Ended September 30,
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Equity in Earnings of Affiliates
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
(5
|
)
|
Royalty Income
|
|
5
|
|
|
5
|
|
|
—
|
|
|||
Rental Income
|
|
9
|
|
|
9
|
|
|
—
|
|
|||
Right of Way Sales
|
|
3
|
|
|
2
|
|
|
1
|
|
|||
Other
|
|
1
|
|
|
3
|
|
|
(2
|
)
|
|||
Total Other Income
|
|
$
|
20
|
|
|
$
|
26
|
|
|
$
|
(6
|
)
|
•
|
Equity in earnings of affiliates
decrease
d
$5 million
due to the sale of the Company's interest in two equity affiliates in October 2014.
|
•
|
Royalty income remained consistent in the period-to-period comparison.
|
•
|
Rental income remained consistent in the period-to-period comparison.
|
•
|
Right of way sales
increase
d
$1 million
due to additional revenue earned from the sale of several right of ways during the three months ended
September 30, 2015
.
|
•
|
Other income
decrease
d
$2 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
|
For the Three Months Ended September 30,
|
||||||||||
|
|
2015
|
|
2014
|
|
Variance
|
||||||
OPEB Plan Changes
|
|
$
|
(21
|
)
|
|
$
|
—
|
|
|
$
|
(21
|
)
|
Closed and Idle Mines
|
|
9
|
|
|
18
|
|
|
(9
|
)
|
|||
Coal Terminal Operations
|
|
4
|
|
|
6
|
|
|
(2
|
)
|
|||
Coal Reserve Holding Costs
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
|||
Purchased Coal
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|||
UMWA OPEB Expense
|
|
12
|
|
|
13
|
|
|
(1
|
)
|
|||
Depreciation, Depletion & Amortization
|
|
8
|
|
|
8
|
|
|
—
|
|
|||
Other
|
|
8
|
|
|
3
|
|
|
5
|
|
|||
Total Other Costs
|
|
$
|
21
|
|
|
$
|
51
|
|
|
$
|
(30
|
)
|
•
|
Income of
$21
million related to OPEB plan changes was the result of modifications made to the OPEB plan in May 2015 for retired employees. Refer to the discussion of total Company long-term liabilities contained in the section "Net Income (Loss) Attributable to CONSOL Energy Shareholders"
of this Quarterly Report on Form 10-Q for more information.
|
•
|
Closed and idle mine costs
decrease
d
$9 million
for the three months ended
September 30, 2015
compared to the three months ended
September 30, 2014
. This was due to a $
5
million decrease in asset retirement obligations expense, primarily related to a reduction of the asset retirement obligation at the Fola Mining Complex during the three months ended
September 30, 2015
. The
decrease
was also due to a
$2 million
reduction in property taxes. The remaining
decrease
was due to various items that occurred throughout both periods, none of which were individually material.
|
•
|
Coal terminal operations costs
decrease
d
$2 million
due to
decrease
d thru-put volumes in the current quarter.
|
•
|
Coal reserve holding costs
decrease
d
$1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Purchased coal costs
decrease
d
$1 million
due to
lower
volumes of coal that needed to be purchased to fulfill various contracts.
|
•
|
UMWA OPEB expense
decreased
$1 million
primarily due to a decrease in interest costs.
|
•
|
Depreciation, depletion, and amortization remained consistent in the period-to-period comparison.
|
•
|
Other costs
increase
d
$5 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 September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Sales—Outside
|
$
|
—
|
|
|
$
|
65
|
|
|
$
|
(65
|
)
|
|
(100.0
|
)%
|
Other Income
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
%
|
|||
Total Revenue
|
1
|
|
|
66
|
|
|
(65
|
)
|
|
(98.5
|
)%
|
|||
Miscellaneous Operating Expense
|
15
|
|
|
87
|
|
|
(72
|
)
|
|
(82.8
|
)%
|
|||
Loss on Debt Extinguishment
|
—
|
|
|
21
|
|
|
(21
|
)
|
|
(100.0
|
)%
|
|||
Interest Expense
|
46
|
|
|
52
|
|
|
(6
|
)
|
|
(11.5
|
)%
|
|||
Total Other Costs
|
61
|
|
|
160
|
|
|
(99
|
)
|
|
(61.9
|
)%
|
|||
Loss Before Income Tax
|
(60
|
)
|
|
(94
|
)
|
|
34
|
|
|
(36.2
|
)%
|
|||
Income Tax
|
58
|
|
|
(1
|
)
|
|
59
|
|
|
(5,900.0
|
)%
|
|||
Net Loss
|
$
|
(118
|
)
|
|
$
|
(93
|
)
|
|
$
|
(25
|
)
|
|
26.9
|
%
|
|
|
For the Three Months Ended September 30,
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Industrial Supplies
|
|
$
|
—
|
|
|
$
|
63
|
|
|
$
|
(63
|
)
|
Loss on Debt Extinguishment
|
|
—
|
|
|
21
|
|
|
(21
|
)
|
|||
Long-Term Liability Plan Changes
|
|
—
|
|
|
10
|
|
|
(10
|
)
|
|||
Interest Expense
|
|
46
|
|
|
52
|
|
|
(6
|
)
|
|||
Pension Settlement
|
|
3
|
|
|
5
|
|
|
(2
|
)
|
|||
Bank Fees
|
|
4
|
|
|
4
|
|
|
—
|
|
|||
Severance Payments
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Other
|
|
3
|
|
|
5
|
|
|
(2
|
)
|
|||
|
|
$
|
61
|
|
|
$
|
160
|
|
|
$
|
(99
|
)
|
•
|
There were no Industrial Supplies costs in the three months ended
September 30, 2015
compared to
$63 million
in the three months ended
September 30, 2014
. The decrease was due to the divestiture of our industrial supplies subsidiary in December 2014.
|
•
|
Loss on Debt Extinguishment of
$21 million
was recognized in the three months ended
September 30, 2014
related to the early extinguishment of debt due to the partial purchase of the 8.25% senior notes that were due in 2020 at an average premium of 107.5%. No such transaction occurred in the current period.
|
•
|
Long-Term Liability Plan Changes during the three months ended
September 30, 2014
include $46 million of expense for cash payments made to active employees related to changes in the OPEB plan. This expense is partially offset by $36 million of income as a result of curtailment associated with amendments to the pension and OPEB plans adopted during the third quarter of 2014.
|
•
|
Interest expense decreased
$6 million
in the period-to-period comparison due to the partial payoff of the 2020 and 2021 bonds in March and April 2015 and the payoff of the 2017 bonds issued in April 2014 and the partial payoff of the 2020 bonds issued in August 2014. Also, contributing to the decrease in interest expense was lower rates on the 2023 bonds issued in March 2015 and 2022 bonds issued in April and August 2014. This decrease is offset, in part, by an increase in interest expense on borrowings from the revolver.
|
•
|
Pension settlement expense decreased
$2 million
in the period-to-period comparison. See Note 4 - Components of Pension and OPEB Plans Net Periodic Benefit Costs in the Notes to the Unaudited Consolidated Financial Statements of this Form 10-Q for additional detail of the total Company expense.
|
•
|
Bank Fees remained consistent in the period-to-period comparison.
|
•
|
Severance payments were
$5 million
for the three months ended September 30, 2015 due to the Company reorganization in the current quarter.
|
•
|
Other corporate items decreased $
2 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Three Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Total Company Earnings Before Income Tax
|
$
|
184
|
|
|
$
|
(3
|
)
|
|
$
|
187
|
|
|
(6,233.3
|
)%
|
Income Tax Expense (Benefit)
|
$
|
58
|
|
|
$
|
(1
|
)
|
|
$
|
59
|
|
|
(5,900.0
|
)%
|
Effective Income Tax Rate
|
31.7
|
%
|
|
45.8
|
%
|
|
(14.1
|
)%
|
|
|
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
in thousands (unless noted)
|
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
LIQUIDS
|
|
|
|
|
|
|
|
|
|||||||
NGLs:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
23,357
|
|
|
8,818
|
|
|
14,539
|
|
|
164.9
|
%
|
|||
Sales Volume (Mbbls)
|
|
3,893
|
|
|
1,470
|
|
|
2,423
|
|
|
164.8
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
11.52
|
|
|
$
|
42.30
|
|
|
$
|
(30.78
|
)
|
|
(72.8
|
)%
|
Gross Revenue
|
|
$
|
44,838
|
|
|
$
|
62,148
|
|
|
$
|
(17,310
|
)
|
|
(27.9
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Oil:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
495
|
|
|
510
|
|
|
(15
|
)
|
|
(2.9
|
)%
|
|||
Sales Volume (Mbbls)
|
|
83
|
|
|
85
|
|
|
(2
|
)
|
|
(2.4
|
)%
|
|||
Gross Price ($/Bbl)
|
|
$
|
49.68
|
|
|
$
|
91.92
|
|
|
$
|
(42.24
|
)
|
|
(46.0
|
)%
|
Gross Revenue
|
|
$
|
4,098
|
|
|
$
|
7,808
|
|
|
$
|
(3,710
|
)
|
|
(47.5
|
)%
|
|
|
|
|
|
|
|
|
|
|||||||
Condensate:
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcfe)
|
|
5,497
|
|
|
1,591
|
|
|
3,906
|
|
|
245.5
|
%
|
|||
Sales Volume (Mbbls)
|
|
916
|
|
|
265
|
|
|
651
|
|
|
245.7
|
%
|
|||
Gross Price ($/Bbl)
|
|
$
|
26.94
|
|
|
$
|
86.76
|
|
|
$
|
(59.82
|
)
|
|
(68.9
|
)%
|
Gross Revenue
|
|
$
|
24,706
|
|
|
$
|
23,004
|
|
|
$
|
1,702
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
GAS
|
|
|
|
|
|
|
|
|
|||||||
Sales Volume (MMcf)
|
|
203,834
|
|
|
154,267
|
|
|
49,567
|
|
|
32.1
|
%
|
|||
Sales Price ($/Mcf)
|
|
$
|
2.30
|
|
|
$
|
4.30
|
|
|
$
|
(2.00
|
)
|
|
(50.0
|
)%
|
Hedging Impact ($/Mcf)
|
|
$
|
0.57
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.58
|
|
|
(5,800.0
|
)%
|
Gross Revenue including Hedging Impact
|
|
$
|
586,050
|
|
|
$
|
662,376
|
|
|
$
|
(76,326
|
)
|
|
(11.5
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price (per Mcfe)
|
$
|
2.83
|
|
|
$
|
4.57
|
|
|
$
|
(1.74
|
)
|
|
(38.1
|
)%
|
Average Costs (per Mcfe)
|
2.85
|
|
|
3.37
|
|
|
0.52
|
|
|
15.4
|
%
|
|||
Margin
|
$
|
(0.02
|
)
|
|
$
|
1.20
|
|
|
$
|
(1.22
|
)
|
|
(101.7
|
)%
|
•
|
The improvement in unit costs is primarily due to the
41.2%
increase in total volumes sold in the period-to-period comparison and the shift to lower cost Marcellus and Utica Shale production. Marcellus production made up
51.5%
of natural gas and liquid sales volumes for the
nine months
ended
September 30, 2015
compared to
45.5%
in the
nine months
ended
September 30, 2014
.
|
•
|
Depreciation, depletion and amortization decreased on a unit basis primarily due to the adjustment to our shallow oil and gas rates after the impairment in the carrying value that was recognized in the second quarter of 2015, as well as 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 production continued to grow.
|
•
|
Lifting costs also decreased on a unit basis in the period-to-period comparison due to the increase in sales volumes. The decrease in unit costs was partially offset by an increase in repairs and maintenance, salt water disposal, and contractual services related to well tending.
|
•
|
Direct administrative costs decreased on a unit basis primarily due to the increase in gas sales volumes, as well as the recent Company reorganization.
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Average Sales Price per ton sold
|
$
|
57.89
|
|
|
$
|
63.64
|
|
|
$
|
(5.75
|
)
|
|
(9.0
|
)%
|
Average Cost of Goods Sold per ton
|
44.11
|
|
|
47.54
|
|
|
3.43
|
|
|
7.2
|
%
|
|||
Margin
|
$
|
13.78
|
|
|
$
|
16.10
|
|
|
$
|
(2.32
|
)
|
|
(14.4
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Contributions
|
$
|
2
|
|
|
$
|
11
|
|
|
$
|
(9
|
)
|
|
(81.8
|
)%
|
Employee Wages and Related Expenses
|
30
|
|
|
33
|
|
|
(3
|
)
|
|
(9.1
|
)%
|
|||
Advertising and Promotion
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
%
|
|||
Consulting and Professional Services
|
16
|
|
|
20
|
|
|
(4
|
)
|
|
(20.0
|
)%
|
|||
Miscellaneous
|
11
|
|
|
13
|
|
|
(2
|
)
|
|
(15.4
|
)%
|
|||
Total Company General and Administrative Expense
|
$
|
64
|
|
|
$
|
82
|
|
|
$
|
(18
|
)
|
|
(22.0
|
)%
|
•
|
Contributions decreased
$9 million
primarily due to a charitable contribution of
$6 million
to the Boy Scouts of America during the
nine
months ended
September 30, 2014
. The remaining
$3 million
decrease is due to various transactions that occurred, none of which were individually material, including a general decrease in prepaid trade association dues during the
nine
months ended
September 30, 2015
.
|
•
|
Employee wages and related expenses decreased
$3 million
due to the Company reorganization that occurred in the
nine
months ended
September 30, 2015
.
|
•
|
Advertising and promotion expenses remained consistent in the period-to-period comparison.
|
•
|
Consulting and professional services decreased
$4 million
due to various transactions that occurred throughout both periods, none of which were individually material, including a general decrease in legal expenses during the
nine
months ended
September 30, 2015
.
|
•
|
Miscellaneous costs decreased
$2 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
|
For the Nine Months Ended
|
|
Difference to Nine Months Ended
|
||||||||||||||||||||||||||||||||||||
|
|
September 30, 2015
|
|
September 30, 2014
|
||||||||||||||||||||||||||||||||||||
(in millions)
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total E&P
|
|
Marcellus
|
|
Utica
|
|
CBM
|
|
Other
Gas
|
|
Total
E&P
|
||||||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Produced
|
|
$
|
332
|
|
|
$
|
58
|
|
|
$
|
204
|
|
|
$
|
65
|
|
|
$
|
659
|
|
|
$
|
(7
|
)
|
|
$
|
3
|
|
|
$
|
(55
|
)
|
|
$
|
(35
|
)
|
|
$
|
(94
|
)
|
Related Party
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||||||
Total Outside Sales
|
|
332
|
|
|
58
|
|
|
205
|
|
|
65
|
|
|
660
|
|
|
(7
|
)
|
|
3
|
|
|
(56
|
)
|
|
(35
|
)
|
|
(95
|
)
|
||||||||||
Unrealized Gain on Commodity Derivative Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134
|
|
|
134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
134
|
|
|
134
|
|
||||||||||
Production Royalty
Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||||
Miscellaneous Other Income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||||||
Gain on Sale of Assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
||||||||||
Total Revenue and Other Income
|
|
332
|
|
|
58
|
|
|
205
|
|
|
288
|
|
|
883
|
|
|
(7
|
)
|
|
3
|
|
|
(56
|
)
|
|
56
|
|
|
(4
|
)
|
||||||||||
Lifting
|
|
23
|
|
|
15
|
|
|
25
|
|
|
20
|
|
|
83
|
|
|
4
|
|
|
4
|
|
|
(3
|
)
|
|
(8
|
)
|
|
(3
|
)
|
||||||||||
Ad Valorem, Severance, and Other Taxes
|
|
14
|
|
|
1
|
|
|
6
|
|
|
4
|
|
|
25
|
|
|
2
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
(4
|
)
|
||||||||||
Transportation, Gathering and Compression
|
|
142
|
|
|
23
|
|
|
72
|
|
|
21
|
|
|
258
|
|
|
71
|
|
|
18
|
|
|
(7
|
)
|
|
(4
|
)
|
|
78
|
|
||||||||||
Direct Administrative and Selling
|
|
21
|
|
|
5
|
|
|
7
|
|
|
6
|
|
|
39
|
|
|
(5
|
)
|
|
2
|
|
|
(1
|
)
|
|
4
|
|
|
—
|
|
||||||||||
Depreciation, Depletion and Amortization
|
|
115
|
|
|
37
|
|
|
62
|
|
|
48
|
|
|
262
|
|
|
25
|
|
|
27
|
|
|
(5
|
)
|
|
(9
|
)
|
|
38
|
|
||||||||||
General & Administration
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
||||||||||
Production Royalty Interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
||||||||||
Purchased Gas
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||||||
Exploration and Other Costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
||||||||||
Other Corporate Expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
895
|
|
|
895
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
834
|
|
|
834
|
|
||||||||||
Total Exploration and Production Costs
|
|
315
|
|
|
81
|
|
|
172
|
|
|
1,075
|
|
|
1,643
|
|
|
97
|
|
|
51
|
|
|
(19
|
)
|
|
773
|
|
|
902
|
|
||||||||||
Interest Expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||
Total E&P Division Costs
|
|
315
|
|
|
81
|
|
|
172
|
|
|
1,080
|
|
|
1,648
|
|
|
97
|
|
|
51
|
|
|
(19
|
)
|
|
771
|
|
|
900
|
|
||||||||||
Earnings (Loss) Before Income Tax
|
|
$
|
17
|
|
|
$
|
(23
|
)
|
|
$
|
33
|
|
|
$
|
(792
|
)
|
|
$
|
(765
|
)
|
|
$
|
(104
|
)
|
|
$
|
(48
|
)
|
|
$
|
(37
|
)
|
|
$
|
(715
|
)
|
|
$
|
(904
|
)
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Marcellus Gas Sales Volumes (Bcf)
|
103.2
|
|
|
68.3
|
|
|
34.9
|
|
|
51.1
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
14.2
|
|
|
6.2
|
|
|
8.0
|
|
|
129.0
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
2.8
|
|
|
0.7
|
|
|
2.1
|
|
|
300.0
|
%
|
|||
Total Marcellus Sales Volumes (Bcfe)*
|
120.2
|
|
|
75.2
|
|
|
45.0
|
|
|
59.8
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
2.22
|
|
|
$
|
4.16
|
|
|
$
|
(1.94
|
)
|
|
(46.6
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.52
|
|
|
$
|
0.04
|
|
|
$
|
0.48
|
|
|
1,200.0
|
%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
2.42
|
|
|
$
|
6.93
|
|
|
$
|
(4.51
|
)
|
|
(65.1
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
5.40
|
|
|
$
|
13.72
|
|
|
$
|
(8.32
|
)
|
|
(60.6
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Marcellus sales (per Mcfe)
|
$
|
2.76
|
|
|
$
|
4.51
|
|
|
$
|
(1.75
|
)
|
|
(38.8
|
)%
|
Average Marcellus lifting costs (per Mcfe)
|
0.19
|
|
|
0.25
|
|
|
(0.06
|
)
|
|
(24.0
|
)%
|
|||
Average Marcellus ad valorem, severance, and other taxes (per Mcfe)
|
0.12
|
|
|
0.16
|
|
|
(0.04
|
)
|
|
(25.0
|
)%
|
|||
Average Marcellus transportation, gathering, and compression costs (per Mcfe)
|
1.18
|
|
|
0.95
|
|
|
0.23
|
|
|
24.2
|
%
|
|||
Average Marcellus direct administrative and selling costs (per Mcfe)
|
0.18
|
|
|
0.34
|
|
|
(0.16
|
)
|
|
(47.1
|
)%
|
|||
Average Marcellus depreciation, depletion and amortization costs (per Mcfe)
|
0.95
|
|
|
1.20
|
|
|
(0.25
|
)
|
|
(20.8
|
)%
|
|||
Total Average Marcellus costs (per Mcfe)
|
$
|
2.62
|
|
|
$
|
2.90
|
|
|
$
|
(0.28
|
)
|
|
(9.7
|
)%
|
Average Margin for Marcellus (per Mcfe)
|
$
|
0.14
|
|
|
$
|
1.61
|
|
|
$
|
(1.47
|
)
|
|
(91.3
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Utica Gas Sales Volumes (Bcf)
|
23.6
|
|
|
6.1
|
|
|
17.5
|
|
|
286.9
|
%
|
|||
NGLs Sales Volumes (Bcfe)*
|
9.1
|
|
|
2.7
|
|
|
6.4
|
|
|
237.0
|
%
|
|||
Oil Sales Volumes (Bcfe)*
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
100.0
|
%
|
|||
Condensate Sales Volumes (Bcfe)*
|
2.7
|
|
|
0.9
|
|
|
1.8
|
|
|
200.0
|
%
|
|||
Total Utica Sales Volumes (Bcfe)*
|
35.5
|
|
|
9.7
|
|
|
25.8
|
|
|
266.0
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
1.54
|
|
|
$
|
3.74
|
|
|
$
|
(2.20
|
)
|
|
(58.8
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.04
|
|
|
$
|
0.07
|
|
|
$
|
(0.03
|
)
|
|
(42.9
|
)%
|
Average Sales Price - NGLs (Mcfe)*
|
$
|
1.14
|
|
|
$
|
7.32
|
|
|
$
|
(6.18
|
)
|
|
(84.4
|
)%
|
Average Sales Price - Oil (Mcfe)*
|
$
|
6.69
|
|
|
$
|
17.59
|
|
|
$
|
(10.90
|
)
|
|
(62.0
|
)%
|
Average Sales Price - Condensate (Mcfe)*
|
$
|
3.59
|
|
|
$
|
15.06
|
|
|
$
|
(11.47
|
)
|
|
(76.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Utica sales price (per Mcfe)
|
$
|
1.63
|
|
|
$
|
5.81
|
|
|
$
|
(4.18
|
)
|
|
(71.9
|
)%
|
Average Utica lifting costs (per Mcfe)
|
0.41
|
|
|
1.12
|
|
|
(0.71
|
)
|
|
(63.4
|
)%
|
|||
Average Utica ad valorem, severance, and other taxes (per Mcfe)
|
0.04
|
|
|
0.13
|
|
|
(0.09
|
)
|
|
(69.2
|
)%
|
|||
Average Utica transportation, gathering, and compression costs (per Mcfe)
|
0.64
|
|
|
0.52
|
|
|
0.12
|
|
|
23.1
|
%
|
|||
Average Utica direct administrative and selling costs (per Mcfe)
|
0.14
|
|
|
0.27
|
|
|
(0.13
|
)
|
|
(48.1
|
)%
|
|||
Average Utica depreciation, depletion and amortization costs (per Mcfe)
|
1.05
|
|
|
1.19
|
|
|
(0.14
|
)
|
|
(11.8
|
)%
|
|||
Total Average Utica costs (per Mcfe)
|
$
|
2.28
|
|
|
$
|
3.23
|
|
|
$
|
(0.95
|
)
|
|
(29.4
|
)%
|
Average Margin for Utica (per Mcfe)
|
$
|
(0.65
|
)
|
|
$
|
2.58
|
|
|
$
|
(3.23
|
)
|
|
(125.2
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
CBM Gas Sales Volumes (Bcf)
|
56.2
|
|
|
59.5
|
|
|
(3.3
|
)
|
|
(5.5
|
)%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
2.81
|
|
|
$
|
4.47
|
|
|
$
|
(1.66
|
)
|
|
(37.1
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.83
|
|
|
$
|
(0.07
|
)
|
|
$
|
0.90
|
|
|
1,285.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Total Average CBM sales price (per Mcf)
|
$
|
3.64
|
|
|
$
|
4.40
|
|
|
$
|
(0.76
|
)
|
|
(17.3
|
)%
|
Average CBM lifting costs (per Mcf)
|
0.44
|
|
|
0.47
|
|
|
(0.03
|
)
|
|
(6.4
|
)%
|
|||
Average CBM ad valorem, severance, and other taxes (per Mcf)
|
0.11
|
|
|
0.16
|
|
|
(0.05
|
)
|
|
(31.3
|
)%
|
|||
Average CBM transportation, gathering, and compression costs (per Mcfe)
|
1.28
|
|
|
1.33
|
|
|
(0.05
|
)
|
|
(3.8
|
)%
|
|||
Average CBM direct administrative and selling costs (per Mcf)
|
0.12
|
|
|
0.13
|
|
|
(0.01
|
)
|
|
(7.7
|
)%
|
|||
Average CBM depreciation, depletion and amortization costs (per Mcf)
|
1.10
|
|
|
1.11
|
|
|
(0.01
|
)
|
|
(0.9
|
)%
|
|||
Total Average CBM costs (per Mcf)
|
$
|
3.05
|
|
|
$
|
3.20
|
|
|
$
|
(0.15
|
)
|
|
(4.7
|
)%
|
Average Margin for CBM (per Mcf)
|
$
|
0.59
|
|
|
$
|
1.20
|
|
|
$
|
(0.61
|
)
|
|
(50.8
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Other Gas Sales Volumes (Bcf)
|
20.9
|
|
|
20.3
|
|
|
0.6
|
|
|
3.0
|
%
|
|||
Oil Sales Volumes (Bcfe)*
|
0.4
|
|
|
0.5
|
|
|
(0.1
|
)
|
|
(20.0
|
)%
|
|||
Total Other Sales Volumes (Bcfe)*
|
21.3
|
|
|
20.8
|
|
|
0.5
|
|
|
2.4
|
%
|
|||
|
|
|
|
|
|
|
|
|||||||
Average Sales Price - Gas (Mcf)
|
$
|
2.21
|
|
|
$
|
4.44
|
|
|
$
|
(2.23
|
)
|
|
(50.2
|
)%
|
Derivative Impact - Gas (Mcf)
|
$
|
0.73
|
|
|
$
|
0.01
|
|
|
$
|
0.72
|
|
|
7,200.0
|
%
|
Average Sales Price - Oil (Mcfe)*
|
$
|
8.49
|
|
|
$
|
15.22
|
|
|
$
|
(6.73
|
)
|
|
(44.2
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Average Other sales price (per Mcfe)
|
$
|
3.06
|
|
|
$
|
4.70
|
|
|
$
|
(1.64
|
)
|
|
(34.9
|
)%
|
Average Other lifting costs (per Mcfe)
|
0.98
|
|
|
1.33
|
|
|
(0.35
|
)
|
|
(26.3
|
)%
|
|||
Average Other ad valorem, severance, and other taxes (per Mcfe)
|
0.16
|
|
|
0.32
|
|
|
(0.16
|
)
|
|
(50.0
|
)%
|
|||
Average Other transportation, gathering, and compression costs (per Mcfe)
|
1.03
|
|
|
1.18
|
|
|
(0.15
|
)
|
|
(12.7
|
)%
|
|||
Average Other direct administrative and selling costs (per Mcfe)
|
0.29
|
|
|
0.16
|
|
|
0.13
|
|
|
81.3
|
%
|
|||
Average Other depreciation, depletion and amortization costs (per Mcfe)
|
2.06
|
|
|
2.61
|
|
|
(0.55
|
)
|
|
(21.1
|
)%
|
|||
Total Average Other costs (per Mcfe)
|
$
|
4.52
|
|
|
$
|
5.60
|
|
|
$
|
(1.08
|
)
|
|
(19.3
|
)%
|
Average Margin for Other (per Mcfe)
|
$
|
(1.46
|
)
|
|
$
|
(0.90
|
)
|
|
$
|
(0.56
|
)
|
|
(62.2
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Production Royalty Interest Sales Volumes (in billion cubic feet)
|
16.8
|
|
|
14.6
|
|
|
2.2
|
|
|
15.1
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
1.89
|
|
|
$
|
4.30
|
|
|
$
|
(2.41
|
)
|
|
(56.0
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Sales Volumes (in billion cubic feet)
|
2.6
|
|
|
1.1
|
|
|
1.5
|
|
|
136.4
|
%
|
|||
Average Sales Price Per thousand cubic feet
|
$
|
2.89
|
|
|
$
|
5.72
|
|
|
$
|
(2.83
|
)
|
|
(49.5
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change |
|||||||
Gathering Revenue
|
$
|
10
|
|
|
$
|
24
|
|
|
$
|
(14
|
)
|
|
(58.3
|
)%
|
Equity in Earnings of Affiliates
|
32
|
|
|
23
|
|
|
9
|
|
|
39.1
|
%
|
|||
Other
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
%
|
|||
Total Miscellaneous Other Income
|
$
|
46
|
|
|
$
|
51
|
|
|
$
|
(5
|
)
|
|
(9.8
|
)%
|
•
|
Gathering revenue
decreased
$
14
million primarily due to a decrease in revenue related to certain gathering arrangements.
|
•
|
Equity in Earnings of Affiliates
increased
$
9
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.
|
•
|
Other remained consistent in the period-to-period comparison.
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Purchased Gas Volumes (in billion cubic feet)
|
2.6
|
|
|
1.1
|
|
|
1.5
|
|
|
136.4
|
%
|
|||
Average Cost Per thousand cubic feet sold
|
$
|
2.25
|
|
|
$
|
4.63
|
|
|
$
|
(2.38
|
)
|
|
(51.4
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Land Rentals
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
(25.0
|
)%
|
Lease Expiration Costs
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
(20.0
|
)%
|
|||
Other
|
1
|
|
|
6
|
|
|
(5
|
)
|
|
(83.3
|
)%
|
|||
Total Exploration and Other Costs
|
$
|
8
|
|
|
$
|
15
|
|
|
$
|
(7
|
)
|
|
(46.7
|
)%
|
•
|
Land rental costs decreased by
$1
million
in the period-to-period comparison due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Lease expiration costs decreased by
$1
million in the period-to-period comparison, primarily due to a decreased number of leases expiring in the
nine months
ended
September 30, 2015
as compared to the
nine months
ended
September 30, 2014
.
|
•
|
The remaining
$5
million decrease related to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Impairment of Exploration and Production Properties
|
$
|
829
|
|
|
$
|
—
|
|
|
$
|
829
|
|
|
100.0
|
%
|
Idle Rig Fees
|
11
|
|
|
—
|
|
|
11
|
|
|
100.0
|
%
|
|||
Litigation Settlements
|
1
|
|
|
(5
|
)
|
|
6
|
|
|
(120.0
|
)%
|
|||
Severance Expense
|
5
|
|
|
—
|
|
|
5
|
|
|
100.0
|
%
|
|||
Stock-Based Compensation
|
11
|
|
|
13
|
|
|
(2
|
)
|
|
(15.4
|
)%
|
|||
Unutilized Firm Transportation and Processing Fees
|
26
|
|
|
29
|
|
|
(3
|
)
|
|
(10.3
|
)%
|
|||
Bank Fees
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
(100.0
|
)%
|
|||
Short-Term Incentive Compensation
|
8
|
|
|
15
|
|
|
(7
|
)
|
|
(46.7
|
)%
|
|||
Other
|
4
|
|
|
5
|
|
|
(1
|
)
|
|
(20.0
|
)%
|
|||
Total Other Corporate Expenses
|
$
|
895
|
|
|
$
|
61
|
|
|
$
|
834
|
|
|
1,367.2
|
%
|
•
|
Impairment of exploration and production properties primarily related to the write down of the Company’s shallow oil and gas asset values. See Note 9 - Property, Plant, And Equipment, in the Notes to the Unaudited Consolidated Financial Statements included in this Form 10-Q for more information.
|
•
|
Idle rig fees are fees related to the temporary idling of some of the Company's natural gas rigs for the nine months ended September 30, 2015. There were no idle rig fees for the nine months ended September 30, 2014.
|
•
|
Litigation settlements increased by
$6
million in the period-to-period comparison due to various activities that occurred throughout both periods, none of which were individually material.
|
•
|
Severance expense was a result of the recent Company reorganization. There was no such expense in the 2014 period.
|
•
|
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.
|
•
|
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
decreased
$
3
million in the period-to-period comparison due to an increase in the utilization of the capacity.
|
•
|
Bank fees
decreased
$
4
million due to the termination of the CNX Gas Senior Secured Credit Agreement on June 18, 2014.
|
•
|
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.
|
•
|
Other corporate related expenses
decreased
$
1
million due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Nine Months Ended
|
|
Difference to Nine Months Ended
|
||||||||||||||||||||||||||||
|
September 30, 2015
|
|
September 30, 2014
|
||||||||||||||||||||||||||||
(in millions)
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
|
Pennsylvania Operations
|
|
Virginia Operations
|
|
Other
Coal
|
|
Total
Coal
|
||||||||||||||||
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Produced Coal
|
$
|
1,027
|
|
|
$
|
193
|
|
|
$
|
93
|
|
|
$
|
1,313
|
|
|
$
|
(200
|
)
|
|
$
|
(30
|
)
|
|
$
|
(5
|
)
|
|
$
|
(235
|
)
|
Purchased Coal
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
||||||||
Total Coal Sales
|
1,027
|
|
|
193
|
|
|
95
|
|
|
1,315
|
|
|
(200
|
)
|
|
(30
|
)
|
|
(10
|
)
|
|
(240
|
)
|
||||||||
Other Outside Sales
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
||||||||
Freight Revenue
|
6
|
|
|
—
|
|
|
7
|
|
|
13
|
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
(10
|
)
|
||||||||
Miscellaneous Other Income
|
3
|
|
|
—
|
|
|
61
|
|
|
64
|
|
|
(33
|
)
|
|
—
|
|
|
(16
|
)
|
|
(49
|
)
|
||||||||
Gain on Sale of Assets
|
—
|
|
|
—
|
|
|
51
|
|
|
51
|
|
|
(1
|
)
|
|
—
|
|
|
50
|
|
|
49
|
|
||||||||
Total Revenue and Other Income
|
1,036
|
|
|
193
|
|
|
239
|
|
|
1,468
|
|
|
(243
|
)
|
|
(31
|
)
|
|
20
|
|
|
(254
|
)
|
||||||||
Cost of Coal Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Costs
|
573
|
|
|
113
|
|
|
72
|
|
|
758
|
|
|
(98
|
)
|
|
(33
|
)
|
|
(10
|
)
|
|
(141
|
)
|
||||||||
Direct Administrative and Selling
|
19
|
|
|
4
|
|
|
2
|
|
|
25
|
|
|
(5
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
||||||||
Total Royalty/Production Taxes
|
42
|
|
|
11
|
|
|
8
|
|
|
61
|
|
|
(13
|
)
|
|
(3
|
)
|
|
—
|
|
|
(16
|
)
|
||||||||
Depreciation, Depletion and Amortization
|
126
|
|
|
26
|
|
|
5
|
|
|
157
|
|
|
9
|
|
|
(3
|
)
|
|
—
|
|
|
6
|
|
||||||||
Total Cost of Coal Sold:
|
760
|
|
|
154
|
|
|
87
|
|
|
1,001
|
|
|
(107
|
)
|
|
(40
|
)
|
|
(10
|
)
|
|
(157
|
)
|
||||||||
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other Costs
|
(64
|
)
|
|
(28
|
)
|
|
91
|
|
|
(1
|
)
|
|
(68
|
)
|
|
(34
|
)
|
|
(36
|
)
|
|
(138
|
)
|
||||||||
Direct Administrative and Selling
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
||||||||
Total Royalty/Production taxes
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||||
Depreciation, Depletion and Amortization
|
8
|
|
|
9
|
|
|
22
|
|
|
39
|
|
|
1
|
|
|
3
|
|
|
(2
|
)
|
|
2
|
|
||||||||
Total Other Costs and Expenses:
|
(56
|
)
|
|
(19
|
)
|
|
117
|
|
|
42
|
|
|
(68
|
)
|
|
(31
|
)
|
|
(38
|
)
|
|
(137
|
)
|
||||||||
General and Administrative Expense
|
14
|
|
|
3
|
|
|
5
|
|
|
22
|
|
|
(5
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(11
|
)
|
||||||||
Other Corporate Expense
|
18
|
|
|
8
|
|
|
6
|
|
|
32
|
|
|
(11
|
)
|
|
—
|
|
|
1
|
|
|
(10
|
)
|
||||||||
Freight Expense
|
6
|
|
|
—
|
|
|
7
|
|
|
13
|
|
|
(9
|
)
|
|
(1
|
)
|
|
—
|
|
|
(10
|
)
|
||||||||
Total Coal Costs
|
742
|
|
|
146
|
|
|
222
|
|
|
1,110
|
|
|
(200
|
)
|
|
(75
|
)
|
|
(50
|
)
|
|
(325
|
)
|
||||||||
Interest Expense
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
Total Coal Division Costs
|
744
|
|
|
146
|
|
|
222
|
|
|
1,112
|
|
|
(198
|
)
|
|
(75
|
)
|
|
(50
|
)
|
|
(323
|
)
|
||||||||
Earnings Before Income Taxes
|
$
|
292
|
|
|
$
|
47
|
|
|
$
|
17
|
|
|
$
|
356
|
|
|
$
|
(45
|
)
|
|
$
|
44
|
|
|
$
|
70
|
|
|
$
|
69
|
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced PA Operations Tons Sold (in millions)
|
17.9
|
|
|
19.6
|
|
|
(1.7
|
)
|
|
(8.7
|
)%
|
|||
Average Sales Price Per PA Operations Ton Sold
|
$
|
57.41
|
|
|
$
|
62.47
|
|
|
$
|
(5.06
|
)
|
|
(8.1
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
32.23
|
|
|
$
|
34.15
|
|
|
$
|
(1.92
|
)
|
|
(5.6
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.05
|
|
|
1.23
|
|
|
(0.18
|
)
|
|
(14.6
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
2.28
|
|
|
2.79
|
|
|
(0.51
|
)
|
|
(18.3
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
6.92
|
|
|
5.96
|
|
|
0.96
|
|
|
16.1
|
%
|
|||
Total Costs Per PA Operations Ton Sold
|
$
|
42.48
|
|
|
$
|
44.13
|
|
|
$
|
(1.65
|
)
|
|
(3.7
|
)%
|
Average Margin Per PA Operations Ton Sold
|
$
|
14.93
|
|
|
$
|
18.34
|
|
|
$
|
(3.41
|
)
|
|
(18.6
|
)%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced VA Operations Tons Sold (in millions)
|
3.2
|
|
|
3.1
|
|
|
0.1
|
|
|
3.2
|
%
|
|||
Average Sales Price Per VA Operations Ton Sold
|
$
|
59.61
|
|
|
$
|
72.95
|
|
|
$
|
(13.34
|
)
|
|
(18.3
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
35.05
|
|
|
$
|
47.48
|
|
|
$
|
(12.43
|
)
|
|
(26.2
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.19
|
|
|
1.49
|
|
|
(0.30
|
)
|
|
(20.1
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
3.44
|
|
|
4.51
|
|
|
(1.07
|
)
|
|
(23.7
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
8.04
|
|
|
9.59
|
|
|
(1.55
|
)
|
|
(16.2
|
)%
|
|||
Total Costs Per VA Operations Ton Sold
|
$
|
47.72
|
|
|
$
|
63.07
|
|
|
$
|
(15.35
|
)
|
|
(24.3
|
)%
|
Average Margin Per VA Operations Ton Sold
|
$
|
11.89
|
|
|
$
|
9.88
|
|
|
$
|
2.01
|
|
|
20.3
|
%
|
|
For the Nine Months Ended September 30,
|
|||||||||||||
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Company Produced Other Operations Tons Sold (in millions)
|
1.6
|
|
|
1.6
|
|
|
—
|
|
|
—
|
%
|
|||
Average Sales Price Per Other Operations Ton Sold
|
$
|
59.84
|
|
|
$
|
60.36
|
|
|
$
|
(0.52
|
)
|
|
(0.9
|
)%
|
|
|
|
|
|
|
|
|
|||||||
Total Operating Costs Per Ton Sold
|
$
|
46.29
|
|
|
$
|
50.04
|
|
|
$
|
(3.75
|
)
|
|
(7.5
|
)%
|
Total Direct Administrative and Selling Costs Per Ton Sold
|
1.01
|
|
|
1.20
|
|
|
(0.19
|
)
|
|
(15.8
|
)%
|
|||
Total Royalty/Production Taxes Per Ton Sold
|
5.07
|
|
|
5.12
|
|
|
(0.05
|
)
|
|
(1.0
|
)%
|
|||
Total Depreciation, Depletion and Amortization Costs Per Ton Sold
|
2.92
|
|
|
3.35
|
|
|
(0.43
|
)
|
|
(12.8
|
)%
|
|||
Total Costs Per Other Operations Ton Sold
|
$
|
55.29
|
|
|
$
|
59.71
|
|
|
$
|
(4.42
|
)
|
|
(7.4
|
)%
|
Average Margin Per Other Operations Ton Sold
|
$
|
4.55
|
|
|
$
|
0.65
|
|
|
$
|
3.90
|
|
|
600.0
|
%
|
|
|
For the Nine Months Ended September 30,
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Equity in Earnings of Affiliates
|
|
$
|
7
|
|
|
$
|
17
|
|
|
$
|
(10
|
)
|
Rental Income
|
|
26
|
|
|
33
|
|
|
(7
|
)
|
|||
Royalty Income
|
|
13
|
|
|
15
|
|
|
(2
|
)
|
|||
Right of Way Sales
|
|
8
|
|
|
4
|
|
|
4
|
|
|||
Other
|
|
7
|
|
|
8
|
|
|
(1
|
)
|
|||
Total Other Income
|
|
$
|
61
|
|
|
$
|
77
|
|
|
$
|
(16
|
)
|
•
|
Equity in earnings of affiliates
decrease
d
$10 million
due to the sale of the Company's interest in two equity affiliates in October 2014.
|
•
|
Rental income
decrease
d
$7 million
due to the buyout of certain equipment that was leased by CONSOL Energy and then subleased to a third-party in 2014.
|
•
|
Royalty income
decrease
d
$2 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Right of way sales
increase
d
$4 million
due to additional revenue earned from the sale of several right of ways during the
nine months
ended
September 30, 2015
.
|
•
|
Other income
decrease
d $
1 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
|
For the Nine Months Ended September 30,
|
||||||||||
|
|
2015
|
|
2014
|
|
Variance
|
||||||
OPEB Plan Changes
|
|
$
|
(16
|
)
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
Purchased Coal
|
|
1
|
|
|
12
|
|
|
(11
|
)
|
|||
UMWA OPEB Expense
|
|
35
|
|
|
39
|
|
|
(4
|
)
|
|||
Coal Terminal Operations
|
|
15
|
|
|
19
|
|
|
(4
|
)
|
|||
Lease Rental Expense
|
|
20
|
|
|
23
|
|
|
(3
|
)
|
|||
Closed and Idle Mines
|
|
35
|
|
|
38
|
|
|
(3
|
)
|
|||
Depreciation, Depletion & Amortization
|
|
22
|
|
|
24
|
|
|
(2
|
)
|
|||
Other
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Total Other Costs
|
|
$
|
117
|
|
|
$
|
155
|
|
|
$
|
(38
|
)
|
•
|
Income of
$16 million
related to OPEB plan changes was the result of modifications made to the OPEB plan in May 2015 for retired employees. Refer to the discussion of total Company long-term liabilities contained in the section "Net Income (Loss) Attributable to CONSOL Energy Shareholders"
of this Quarterly Report on Form 10-Q for more information.
|
•
|
Purchased coal costs
decreased
$11 million
due to
lower
volumes of coal that needed to be purchased to fulfill various contracts.
|
•
|
UMWA OPEB expense
decreased
$4 million
primarily due to a decrease in interest costs.
|
•
|
Coal terminal operations costs
decreased
$4 million
due to
decreased
thru-put volumes in the current period.
|
•
|
Lease rental expense
decreased
$3 million
primarily due to the buyout of certain equipment that was leased by CONSOL Energy.
|
•
|
Closed and idle mine costs
decreased
$
3
million primarily due to a $
6
million decrease in property taxes and a $4 million decrease in permitting and compliance costs. The decrease was offset, in part, by an $
8
million increase in asset retirement obligations expense, primarily related to a reduction of the asset retirement obligation at the Fola Mining Complex during the
nine months
ended
September 30, 2014
. The remaining increase was due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Depreciation, depletion, and amortization
decrease
d
$2 million
primarily due to fewer assets placed in service in the period-to-period comparison.
|
•
|
Other
increased
$5 million
in the period-to-period comparison due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Nine Months Ended
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Sales—Outside
|
$
|
—
|
|
|
$
|
184
|
|
|
$
|
(184
|
)
|
|
(100.0
|
)%
|
Other Income
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
%
|
|||
Total Revenue
|
2
|
|
|
186
|
|
|
(184
|
)
|
|
(98.9
|
)%
|
|||
Miscellaneous Operating Expense
|
39
|
|
|
246
|
|
|
(207
|
)
|
|
(84.1
|
)%
|
|||
Depreciation, Depletion & Amortization
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100.0
|
)%
|
|||
Loss on Debt Extinguishment
|
68
|
|
|
95
|
|
|
(27
|
)
|
|
(28.4
|
)%
|
|||
Interest Expense
|
143
|
|
|
164
|
|
|
(21
|
)
|
|
(12.8
|
)%
|
|||
Total Other Costs
|
250
|
|
|
507
|
|
|
(257
|
)
|
|
(50.7
|
)%
|
|||
Loss Before Income Tax
|
(248
|
)
|
|
(321
|
)
|
|
73
|
|
|
(22.7
|
)%
|
|||
Income Tax
|
(259
|
)
|
|
8
|
|
|
(267
|
)
|
|
(3,337.5
|
)%
|
|||
Net Income (Loss)
|
$
|
11
|
|
|
$
|
(329
|
)
|
|
$
|
340
|
|
|
(103.3
|
)%
|
|
|
For the Nine Months Ended
|
||||||||||
(in millions)
|
|
2015
|
|
2014
|
|
Variance
|
||||||
Industrial Supplies
|
|
$
|
—
|
|
|
$
|
181
|
|
|
$
|
(181
|
)
|
Loss on Debt Extinguishment
|
|
68
|
|
|
95
|
|
|
(27
|
)
|
|||
Pension Settlement
|
|
3
|
|
|
25
|
|
|
(22
|
)
|
|||
Interest Expense
|
|
143
|
|
|
164
|
|
|
(21
|
)
|
|||
Long-Term Liability Plan Changes
|
|
—
|
|
|
10
|
|
|
(10
|
)
|
|||
Revolver Modification Fees
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|||
Bank Fees
|
|
13
|
|
|
15
|
|
|
(2
|
)
|
|||
Severance Expense
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Transaction Fees
|
|
5
|
|
|
—
|
|
|
5
|
|
|||
Pension Expense
|
|
9
|
|
|
—
|
|
|
9
|
|
|||
Other
|
|
4
|
|
|
14
|
|
|
(10
|
)
|
|||
|
|
$
|
250
|
|
|
$
|
507
|
|
|
$
|
(257
|
)
|
•
|
There were no Industrial Supplies costs in the
nine months
ended
September 30, 2015
and
$181 million
in the
nine months
ended
September 30, 2014
. The decrease is due to the divestiture of our industrial supplies subsidiary in December 2014.
|
•
|
In the
nine months
ended
September 30, 2015
, CONSOL Energy partially purchased the 8.25% senior notes that were due in 2020 at an average price equal to 104.6% of the principal amount and the 6.375% senior notes that were due in 2021 at an average price equal to 105.0% of the principal amount resulting in a loss on debt extinguishment of
$68 million
.
|
•
|
Pension settlement decreased
$22 million
in the period-to-period comparison. See Note 4 - Components of Pension and OPEB Plans Net Periodic Benefit Costs in the Notes to the Unaudited Consolidated Financial Statements of this Form 10-Q for additional detail of the total Company expense.
|
•
|
Interest expense decreased
$21 million
in the period-to-period comparison primarily due to the partial payoff of the 2020 and 2021 bonds in the
nine months
ended
September 30, 2015
and the payoff of the 2017 bonds issued in April 2014 and the partial payoff of the 2020 bonds issued in August 2014. The decrease in interest expense is also due to lower interest rates on the newly issued 2023 bonds issued in March 2015 and the 2022 bonds issued in April and August 2014. The decrease was offset, in part, by a decrease in capitalized interest related to the Harvey Mine going into production in 2014.
|
•
|
Long-term liability plan changes during the
nine months
ended September 30, 2014 include $46 million of expense for cash payments made to active employees related to changes in the OPEB plan. This expense was partially offset by $36 million of income as a result of curtailment associated with amendments to the pension and OPEB plans adopted during the third quarter of 2014.
|
•
|
Revolver modification fees in the
nine months
ended
September 30, 2014
related to a $
3 million
non-cash charge associated with entering into a new senior secured credit facility. The charge was related to acceleration of previously deferred financing fees.
|
•
|
Bank fees decreased by
$2 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Severance payments were $
5 million
for the
nine months
ended
September 30, 2015
due to the Company reorganization in the current period.
|
•
|
Transaction fees increased by
$5 million
in the
nine months
ended
September 30, 2015
, related to fees associated with various corporate initiatives including the recent CNXC MLP.
|
•
|
Actuarially-calculated amortization of
$9 million
was included in the Other Division in the
nine months
ended
September 30, 2015
due to modifications made to the Pension plan in September 2014. Refer to the discussion of total Company long-term liabilities contained in the section "Net Income (Loss) Attributable to CONSOL Energy Shareholders"
of this Quarterly Report on Form 10-Q for more information.
|
•
|
Other corporate items decreased
$10 million
due to various transactions that occurred throughout both periods, none of which were individually material.
|
|
For the Nine Months Ended
|
|||||||||||||
(in millions)
|
2015
|
|
2014
|
|
Variance
|
|
Percent
Change
|
|||||||
Total Company Earnings Before Income Tax
|
$
|
(658
|
)
|
|
$
|
103
|
|
|
$
|
(762
|
)
|
|
(736.4
|
)%
|
Income Tax (Benefit) Expense
|
$
|
(259
|
)
|
|
$
|
8
|
|
|
$
|
(268
|
)
|
|
(3,219.5
|
)%
|
Effective Income Tax Rate
|
39.4
|
%
|
|
8.0
|
%
|
|
31.4
|
%
|
|
|
|
For the Nine Months Ended September 30,
|
||||||||||
|
2015
|
|
2014
|
|
Change
|
||||||
Cash flows from operating activities
|
$
|
404
|
|
|
$
|
850
|
|
|
$
|
(446
|
)
|
Cash used in investing activities
|
$
|
(882
|
)
|
|
$
|
(925
|
)
|
|
$
|
43
|
|
Cash provided by (used in) financing activities
|
$
|
384
|
|
|
$
|
(27
|
)
|
|
$
|
411
|
|
•
|
Net income decreased $488 million in the period-to-period comparison.
|
•
|
Adjustments to reconcile net income to cash flow provided by operating activities increased $829 million due to the impairment of exploration and production properties (See Note 9 - Property, Plant, And Equipment, in the Notes to the Unaudited Consolidated Financial Statements included in this Form 10-Q for more information), offset, in part, by a a decrease of $288 million related to changes in deferred taxes, a decrease of $134 million due to the unrealized gain on commodity derivative instruments, a decrease of $116 million in other post-employment benefits plan amendments, and additional depreciation, depletion, and amortization of $42 million.
|
•
|
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 $279 million in the period-to-period comparison due to:
|
◦
|
Gas segment capital expenditures decreased $103 million. This is due to decreased expenditures in the Marcellus play along with decreased land expenditures, partially offset by increased expenditures in the Utica play and increased gathering expenditures, as well as other various transactions that occurred throughout both periods.
|
◦
|
Coal segment capital expenditures decreased $181 million. This was comprised of a $107 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 $43 million due to its completion in the first quarter of 2014. Capitalized interest decreased $11 million due to the completion of the Harvey Mine.
The remaining $20 million decrease is due to various other projects that occurred throughout both periods.
|
◦
|
Other capital expenditures increased $5 million due to various miscellaneous transactions that occurred throughout both periods, none of which were individually material.
|
•
|
Proceeds from the sale of assets decreased $58 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 and $14 million
|
•
|
Cash provided by equity affiliates decreased $179 million primarily due to a $157 million decrease in return of investments due to the IPO of CONE Midstream Partners, LP occurring in September 2014 along with an $18 million reduction in net equity due to the sale of the Company's interest in the Western Allegheny Energy joint venture in September 2015 and $4 million less of distributions received from various equity partners in the period ended
September 30, 2015
compared to the period ended
September 30, 2014
.
|
•
|
In the
nine
months ended
September 30, 2015
, CONSOL Energy received $945 million of proceeds from the senior secured credit facility compared to payments on the facility of $12 million in the
nine
months ended
September 30, 2014
.
|
•
|
In the
nine
months ended
September 30, 2015
, CONSOL Energy had net payments of $771 million related to the partial extinguishment of the 2020 and 2021 bonds offset, in part, by the issuance of the 2023 bonds. In the
nine
months ended
September 30, 2014
, CONSOL Energy had net proceeds from long-term borrowings of $41 million. 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
nine
months ended
September 30, 2015
, CONSOL Energy received $180 million of net proceeds under the CNX Coal Resources LP credit facility.
|
•
|
In the
nine
months ended
September 30, 2015
, CONSOL Energy received proceeds of $148 million from the IPO of CNX Coal Resources LP.
|
•
|
In the
nine
months ended
September 30, 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
September 30, 2014
.
|
•
|
In the
nine
months ended
September 30, 2015
, CONSOL Energy paid three quarterly dividends totaling $31 million at an amount per share of $0.1350. In the
nine
months ended
September 30, 2014
, CONSOL Energy paid three quarterly dividends totaling $43 million at an amount per share of $0.1875.
|
•
|
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
|
$
|
85,695
|
|
|
$
|
71,265
|
|
|
$
|
7,042
|
|
|
$
|
682
|
|
|
$
|
164,684
|
|
Gas Firm Transportation and Processing
|
122,121
|
|
|
207,139
|
|
|
183,719
|
|
|
552,584
|
|
|
1,065,563
|
|
|||||
Long-Term Debt
|
4,221
|
|
|
6,071
|
|
|
255,835
|
|
|
2,477,385
|
|
|
2,743,512
|
|
|||||
Interest on Long-Term Debt
|
158,300
|
|
|
336,243
|
|
|
335,105
|
|
|
390,864
|
|
|
1,220,512
|
|
|||||
Capital (Finance) Lease Obligations
|
8,192
|
|
|
15,412
|
|
|
14,365
|
|
|
7,610
|
|
|
45,579
|
|
|||||
Interest on Capital (Finance) Lease Obligations
|
2,628
|
|
|
4,082
|
|
|
2,224
|
|
|
325
|
|
|
9,259
|
|
|||||
Operating Lease Obligations
|
102,050
|
|
|
163,035
|
|
|
56,580
|
|
|
72,814
|
|
|
394,479
|
|
|||||
Long-Term Liabilities—Employee Related (a)
|
89,539
|
|
|
128,361
|
|
|
165,178
|
|
|
549,891
|
|
|
932,969
|
|
|||||
Other Long-Term Liabilities (b)
|
222,013
|
|
|
225,978
|
|
|
76,991
|
|
|
347,809
|
|
|
872,791
|
|
|||||
Total Contractual Obligations (c)
|
$
|
794,759
|
|
|
$
|
1,157,586
|
|
|
$
|
1,097,039
|
|
|
$
|
4,399,964
|
|
|
$
|
7,449,348
|
|
(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 $
74
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 is guaranteed by most of CONSOL Energy’s subsidiaries.
|
•
|
An aggregate principal amount of $
21
million
of
6.375%
senior unsecured 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 is guaranteed by most of CONSOL Energy's subsidiaries.
|
•
|
An aggregate principal amount of
$1,850
million
of
5.875%
senior unsecured 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 is 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 is 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 $
3
million
on a note maturing through March 2018.
|
•
|
An aggregate principal amount of $
46
million
of capital leases with a weighted average interest rate of
5.77%
per annum.
|
•
|
An aggregate principal amount of
$180
million in outstanding borrowings under the revolver for CNXC. CONSOL Energy is not a guarantor of CNXC's revolving credit facility
|
Declaration Date
|
|
Amount Per Share
|
|
Record Date
|
|
Payment Date
|
||
October 28, 2015
|
|
$
|
0.0100
|
|
|
November 12, 2015
|
|
November 20, 2015
|
July 29, 2015
|
|
$
|
0.0100
|
|
|
August 10, 2015
|
|
August 24, 2015
|
April 29, 2015
|
|
$
|
0.0625
|
|
|
May 11, 2015
|
|
May 21, 2015
|
February 2, 2015
|
|
$
|
0.0625
|
|
|
February 17, 2015
|
|
March 5, 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 asset monetization transactions, including sales of additional interests in our thermal coal or other assets to CNX Coal Resources LP and divestitures to third parties 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; 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
|
|
N/A
|
|
|
N/A
|
|
|
63,304,762
|
|
|
63,304,762
|
|
||||||
Weighted Average Hedge Price per Mcf
|
N/A
|
|
N/A
|
|
|
N/A
|
|
|
$
|
3.44
|
|
|
$
|
3.44
|
|
||||
2016 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
55,696,798
|
|
|
55,696,798
|
|
|
56,308,851
|
|
|
56,308,851
|
|
|
224,011,298
|
|
|||||
Weighted Average Hedge Price per Mcf
|
$
|
3.44
|
|
|
$
|
3.23
|
|
|
$
|
3.23
|
|
|
$
|
3.40
|
|
|
$
|
3.33
|
|
2017 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
14,844,486
|
|
|
15,009,425
|
|
|
15,174,364
|
|
|
15,174,364
|
|
|
60,202,639
|
|
|||||
Weighted Average Hedge Price per Mcf
|
$
|
3.30
|
|
|
$
|
3.30
|
|
|
$
|
3.30
|
|
|
$
|
3.30
|
|
|
$
|
3.30
|
|
2018 Fixed Price Volumes
|
|
|
|
|
|
|
|
|
|
||||||||||
Hedged Mcf
|
5,023,256
|
|
|
5,079,070
|
|
|
5,134,884
|
|
|
5,134,884
|
|
|
20,372,094
|
|
|||||
Weighted Average Hedge Price per Mcf
|
$
|
3.28
|
|
|
$
|
3.28
|
|
|
$
|
3.28
|
|
|
$
|
3.28
|
|
|
$
|
3.28
|
|
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
|
10.1
|
|
|
Amended and Restated Change in Control Severance Agreement, dated as of October 9, 2015, between CONSOL Energy Inc., and David M. Khani.
|
|
|
|
|
10.2
|
|
|
Amended and Restated Change in Control Severance Agreement, dated as of August 24, 2015, between CONSOL Energy Inc., and Timothy Dugan.
|
|
|
|
|
10.3
|
|
|
Amended and Restated Change in Control Severance Agreement, dated as of August 24, 2015, between CONSOL Energy Inc., and James A. Brock.
|
|
|
|
|
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 September 30, 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
/ C. KRISTOPHER HAGEDORN
|
|
|
|
C. Kristopher Hagedorn
|
|
|
|
Controller
(Duly Authorized Officer and Principal Accounting 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 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:
|
November 3, 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:
|
November 3, 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:
|
November 3, 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:
|
November 3, 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
|
|
37
|
|
—
|
|
—
|
|
—
|
|
—
|
|
43,591
|
|
—
|
|
No
|
|
No
|
|
15
|
|
2
|
|
2
|
Buchanan
|
|
44-04856
|
|
23
|
|
—
|
|
—
|
|
—
|
|
—
|
|
48,581
|
|
—
|
|
No
|
|
No
|
|
25
|
|
4
|
|
5
|
Enlow Fork
|
|
36-07416
|
|
21
|
|
—
|
|
—
|
|
—
|
|
—
|
|
26,245
|
|
—
|
|
No
|
|
No
|
|
20
|
|
2
|
|
2
|
Harvey
|
|
36-10045
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19,388
|
|
—
|
|
No
|
|
No
|
|
8
|
|
2
|
|
—
|
Miller Creek PP #1
|
|
46-05890
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
499
|
|
—
|
|
No
|
|
No
|
|
—
|
|
—
|
|
—
|
Twin Branch Surface
|
|
46-09075
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
No
|
|
No
|
|
—
|
|
—
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inactive Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alma No. 1 Deep
|
|
46-09277
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
No
|
|
No
|
|
1
|
|
—
|
|
—
|
Laurel Fork
|
|
46-09084
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
100
|
|
—
|
|
No
|
|
No
|
|
—
|
|
—
|
|
—
|
|
|
|
|
88
|
|
—
|
|
—
|
|
—
|
|
—
|
|
138,404
|
|
—
|
|
|
|
|
|
69
|
|
10
|
|
10
|
Mine or Operating Name/MSHA Identification Number
|
|
Contests of Citations, Orders
(as of 9.30.15)
(a)
|
|
Contests of Proposed Penalties
(as of 9.30.15)
(b)
|
|
Complaints for Compensation
(as of 9.30.15)
(c)
|
|
Complaints of Discharge, Discrimination or Interference
(as of 9.30.15)
(d)
|
|
Applications for Temporary Relief
(as of 9.30.15)
(e)
|
|
Appeals of Judges' Decisions or Order
(as of 9.30.15)
(f)
|
||||
|
|
|
||||||||||||||
|
|
Dockets
|
|
Citations
|
|
|
|
|
||||||||
Active Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bailey
|
|
36-07230
|
|
—
|
|
15
|
|
64
|
|
—
|
|
1
|
|
—
|
|
—
|
Buchanan
|
|
44-04856
|
|
—
|
|
25
|
|
221
|
|
—
|
|
—
|
|
—
|
|
1
|
Enlow Fork
|
|
36-07416
|
|
—
|
|
20
|
|
150
|
|
—
|
|
—
|
|
—
|
|
1
|
Harvey
|
|
36-10045
|
|
—
|
|
8
|
|
36
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inactive Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alma No. 1 Deep
|
|
46-09277
|
|
—
|
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
—
|
|
69
|
|
472
|
|
—
|
|
1
|
|
—
|
|
2
|