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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
