An integrated energy company, CONSOL Energy, Inc. (NYSE: CNX) has been struggling with declining prices and drying up shale reserves, and its Q2 results are another mixed bag. Revenue was down to $228 million after last quarter’s $270 million, and 2016 Q2 revenues of $248 million, but the company still managed to post a net income of $0.17, beating its and the Street’s estimates. The company is also planning on operating a third rig in 2018, currently using only two in the Pennsylvania area.
Production declines in the second quarter had hurt the bottom line as well, with one well having to deal with a 34 day delay, and a 54 day delay at a second well. President and CEO Nicholas J. Deluliis, however, is unfazed, “Despite short term turn-in-line delays at two of our Monroe County Utica pads and a post-closing adjustment from an asset sale, both of which impacted quarterly production, our 2017 production guidance remains unchanged. Closed asset sales did not disappoint and beat our prior stated goals, helping to drive our leverage ratio down to 3.0x at quarter-end, with an undrawn credit facility and $300 million of cash on hand. To top things off, we are fully immersed in preparing to spin and separate the coal and E&P businesses.”