CONSOL Energy Takes Massive Impairment Charge, Posts Loss

24/7 Wall St.

coal trainCONSOL Energy Inc. (NYSE: CNX) reported second quarter 2015 results before markets opened Tuesday morning. The coal and natural gas producer reported quarterly an adjusted diluted loss of $0.37 and revenues of $648.94 million. In the same period a year ago, the company reported earnings per share (EPS) of $0.07 on revenues of $937.37 million. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.01 and $798.59 million in revenues.

On a GAAP basis CONSOL posted a net loss of $2.64 per share which includes an $829 million pre-tax impairment charge on the carrying value of its shallow oil and gas assets largely due to weak commodity pricing.

CEO Nicholas J. Deluliis said:

CONSOL is focused on managing through what continues to be a very challenging commodity price environment. Given this environment, we will manage the company to be free cash positive over the next 18 months…

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