PITTSBURGH, Sept. 18, 2017 /PRNewswire/ -- CONSOL
Energy Inc. (NYSE: CNX) announced today that the Pennsylvania Department of Environmental Protection (DEP) is requiring more time
to evaluate the approval of the Bailey mine permit for the 4L panel, and as a result, the company has decided to move the
longwall to another panel in order to resume operations. The company expects the longwall move to last approximately four weeks
and is implementing several measures in order to mitigate the production impact from this delay. These measures include working
additional unscheduled shifts at the remaining four longwalls, compared to the previous five and a half day schedule. This
operating schedule change will also allow the company to meet its customers' needs and to immediately recall some of the
previously furloughed workers.
As a result of increasing the operating schedule to offset the production impact from the longwall move delay, the company
reaffirms previously stated full-year 2017 guidance for the Pennsylvania Mining Complex: 25.6-27.6 million tons and total coal
capital expenditures of $112-$120 million. Also, the company reaffirms previously stated full-year
2017 adjusted EBITDA attributable to CONSOL Energy of approximately $345 million, which is included
in the expected 2017 total company adjusted EBITDA of $815 million.
The company continues to work closely with the necessary agencies to obtain operating permits, which allow for continuity of
longwall mining operations. The Pennsylvania Mining Complex operates five total longwalls with approved permits as far out as ten
years in advance.
About CONSOL Energy
CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based energy producer, and one of the
largest independent natural gas exploration, development and production companies, with operations centered in the major shale
formations of the Appalachian basin. The company deploys an organic growth strategy focused on developing its substantial
resource base. As of December 31, 2016, CONSOL Energy had 6.3 trillion cubic feet equivalent of
proved natural gas reserves. CONSOL Energy is a member of the Standard & Poor's Midcap 400 Index. Additional information may
be found at www.consolenergy.com.
Cautionary Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered
forward-looking statements under federal securities laws including Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act") that involve risks and uncertainties that could cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on forward looking statements as a prediction of actual results. The
forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our
future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should,"
"anticipate," "could," "estimate," "plan," "predict," "project," "will," or their negatives, or other similar expressions, the
statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or
uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, if any, speak only
as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking
statements on our current expectations and assumptions about future events. While our management considers these expectations and
assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other
risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These
risks, contingencies and uncertainties relate to, among other matters, the following: uncertainties as to the timing and manner
of the separation (whether by sale or spin-off) and whether it will be completed (including any dropdowns of the coal business);
the possibility that various closing conditions for the separation may not be satisfied; the impact of the separation on our
business; the expected tax treatment of the separation; the risk that the coal and natural gas exploration and production
businesses will not be separated successfully or such separation may be more difficult, time-consuming or costly than expected,
which could result in additional demands on our resources, systems, procedures and controls, disruption of our ongoing
business and diversion of management's attention from other business concerns; competitive responses to the separation;
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 and other 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 and natural gas
liquids abroad; our customers extending existing contracts or entering into new long-term contracts for coal on favorable terms;
our reliance on major customers; our inability to collect payments from customers if their creditworthiness declines or if they
fail to honor their contracts; the disruption of rail, barge, gathering, processing and transportation facilities and other
systems that deliver our natural gas, natural gas liquids 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 environmental regulations
including any relating to greenhouse gas emissions on our operating costs as well as on the market for natural gas and coal and
for our securities; 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 and
transportation 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
natural gas drilling, or our ability to dispose of water used or removed from strata in connection with our natural 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 our operations; the potential for liabilities
arising from environmental contamination or alleged environmental contamination in connection with our past or current natural
gas and coal operations; the effects of mine closing, reclamation, gas well closing and certain other liabilities; uncertainties
in estimating our economically recoverable natural gas, oil and coal reserves; defects may exist in our chain of title and we may
incur additional costs associated with perfecting title for natural gas and coal 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; exposure to employee-related
long-term liabilities; acquisitions and divestitures we anticipate may not occur or produce anticipated benefits; our
participation in joint ventures may restrict our operational and corporate flexibility, and actions taken by a joint venture
partner may impact our financial position and operational results; risks associated with our debt; replacing our natural gas and
oil reserves, which if not replaced, will cause our natural gas and oil reserves and production to decline; declines in our
borrowing base could occur for a variety of reasons, including lower natural gas or oil prices, declines in natural gas and oil
proved reserves, and lending regulations requirements or regulations; our hedging activities may prevent us from benefiting from
near-term 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; certain provisions in our multi-year coal sales
contracts may provide limited protection during adverse economic conditions, and may result in economic penalties or permit the
customer to terminate the contract; a majority of our common units in CNX Coal Resources LP and CONE Midstream Partners LP are
subordinated, and we may not receive distributions from CNX Coal Resources LP or CONE Midstream Partners LP; with respect to the
sale of the Buchanan and Amonate mines and other coal assets to Coronado IV LLC - disruption to our business, including customer,
employee and supplier relationships resulting from this transaction, and the impact of the transaction on our future operating
results; with respect to the termination of the joint venture with Noble - disruption to our business, including customer and
supplier relationships resulting from this transaction, and the impact of the transaction on our future operating and financial
results and liquidity; other factors discussed in the 2016 Form 10-K under "Risk Factors," as updated by any subsequent Form
10-Qs, which are on file at the Securities and Exchange Commission. We disclaim any obligation to update publicly any
forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable
law.
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SOURCE CONSOL Energy Inc.