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.