Consol Energy of NYSE top gainers as coal output beats guidance
TORONTO (miningweekly.com) – NYSE-listed Consol Energy was on Monday one of the top gainers among energy names on the S&P 500 Index after saying it produced more coal than it expected.
The fossil-fuels producer, whose shares rose by 1.5%, said it had produced 13.8-million tons of coal, compared with second-quarter guidance of between 13.25-million and 13.75-million tons. It expected third-quarter coal production of between 13.4-million to 13.9-million tons, signalling a somewhat improved appetite from customers.
During the quarter ended June 30, Consol's coal inventory decreased by 47 000 t to 917 000 t, which marked a 15-year low for the company. The thermal coal inventory decreased by 102 000 t to 773 000 t during the quarter, as customers continued to take all contracted tonnage. The low-volatility coal inventory increased during the quarter by 55 000 t to 144 000 t.
Low-volatility prices weakened as the quarter progressed; however, the company did not offer further details about the pricing pressure in the coal sector.
Gas production was 38.6-billion cubic feet equivalent (Bcfe), in line with guidance of 38 Bcfe to 40 Bcfe. Consol said gas production would increase to between 43 Bcfe and 45 Bcfe in the third quarter.
For 2013, the company had lowered the high end of its gas production forecast by 5 Bcfe, expecting to produce between 170 Bcfe and 175 Bcfe.
Consol added that it expected to produce between 210 Bcfe and 225 Bcfe in 2014.
The company’s shares closed up 1.5%, while energy stocks lost some ground.
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