Consol Energy Warns Investors to Expect Loss
CANONSBURG, Pa. – Consol Energy Inc. today warned its investors to expect a second-quarter loss from operations, primarily due to lower commodity prices.
Consol will announce its results July 28.
“Separate from the operating loss, the company expects to record a significant impairment charge due to the reduction in the carrying value of Consol’s conventional shallow oil and natural gas assets, the company said. “This impairment charge is a non-cash item that will not affect the company’s reserves, Marcellus and Utica Shale segments, or net asset value.”
The advisory to investors follows recent employee cutbacks – 470 positions throughout the company, according to published reports. In April another 165 jobs were eliminated.
Shares of Consol Energy, traded on the New York Stock Exchange, have dropped nearly 45% in the last three months. Year-to-date, the share price is down nearly 49%.
Shares closed Friday at $17.61. The company’s stock was trading as high as $40 in November.
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