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CONSOL Energy Inc. (NYSE:CEIX) and CONSOL Coal Resources LP (NYSE:CCR) today provided an update on several transactions that were executed during the last several months.
Since July 1, 2020, CONSOL has taken steps to bolster its financial flexibility and liquidity and create value through multiple transactions that included sales of land and mineral assets, gas wells, and coal reserves outside of its active operations. In aggregate, CEIX and CCR expect to generate miscellaneous income and gains on sale of assets in the second half of 2020 totaling $60-$70 million and $9-$10 million, respectively, related to these transactions. Both companies continue to work on several additional opportunities as well to further improve their balance sheets.
CONSOL believes these transactions enable it to enhance liquidity and bolster financial flexibility. These transactions also allow CEIX to accelerate its strategy of de-leveraging its balance sheet through open market repurchases, and they position the company well to take advantage of a potential coal market recovery.
