Join        Login             Stock Quote

CONSOL Energy (CNX) Forecasts Loss For 3Q Citing Mine Idlings

 October 15, 2012 07:28 AM

(By Balachander) CONSOL Energy Inc. (NYSE:CNX), a producer of coal and natural gas, forecast a loss for the third quarter, citing a combination of marketing and operational issues.

"While precise figures are not yet available, it is clear that the company's previously announced planned and unplanned mine idlings took their toll on third quarter earnings," commented CFO William Lyons.

During the last several months, the company announced a planned two-week idling of Blacksville Mine and a one-week idling of Robinson Run Mine, due to weak thermal coal markets. The company had last month announced the idling of its premier low-vol Buchanan Mine for an estimated 30-60 days.

[Related -CONSOL Energy Inc. (NYSE:CNX): Lots Of Upside Potential Ahead]

Consequently, CONSOL said it suffered the failure of two new conveyor belts at the Bailey Preparation Plant, which hit output at the Enlow Fork and Bailey mines.

Meanwhile, the company's Gas Division, in the Ohio Utica Shale joint venture with Hess Corp. (NYSE:HES), reported an exploratory success from a well drilled in Stock Township, Noble County, Ohio. The division produced 39.5 Bcf for the third quarter ended September, down slightly from the 40.4 Bcf produced in the same period of last year. It expects production to be 42.5 – 44.5 Bcf for the fourth quarter.

CONSOL's Coal Division produced 11.6 million tons during the quarter, including 0.8 million tons of low-vol metallurgical and mid-vol coal from the company's Buchanan and Amonate Mines. For the fourth quarter, the unit is expected to produce 13.4 – 13.8 million tons, including 0.6 million at the Buchanan Mine, which is expected to re-start on the week of November 5 .

[Related -T. Boone Pickens: A Billionaire's Top 10 Energy Stocks]

The stock, which has been trading in the 52-week range of $26.41 to $46.90, closed at $35.14 on Friday.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageWorld Growth: Mediocre or Pathetic?

The recent disappointing performance of the world economy has been labelled as the "new mediocre" by read on...

article imageSurvey Data For US Services Sector Hint At Mild Q2 Rebound

Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a read on...

article imageADP: US Job Growth Stumbled In April

Employment growth at US companies slowed in April to the weakest gain in three years, according to this read on...

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.