Consol Energy Inc. and partnership CONSOL Coal Resources LP withdrew their 2020 operational and financial guidance amid "ongoing uncertainty" due to the coronavirus pandemic.
The Pennsylvania-based coal producer had projected 2020 coal sales of 24.5 million to 26.5 million tons and noted that it had secured coal sales contracts accounting for 95% and 43% of the midpoint of expected coal sales in 2020 and 2021, respectively.
Consol Coal Resources had forecast coal sales volumes of 6.1 million to 6.6 million tons, adjusted EBITDA of $67 million to $80 million, and capital expenditures of $25 million to $30 million.
"The extent to which the COVID-19 pandemic may impact our results will depend on future developments, which are highly uncertain and cannot be predicted, including new information concerning the severity of COVID-19 and the actions taken to contain it or treat its impact, among others," Consol Energy said in an April 8 release.
The company said it took different measures to reduce its outstanding debts, enhance liquidity and supplement access to capital in the first quarter, including repurchasing about $43 million of its second-lien debt.
Consol Energy added that it raked in $16.3 million from closed a sale-leaseback transaction on a set of longwall shields, secured a commitment to provide an additional $20 million of credit for IT infrastructure and other equipment expenditures, and amended its accounts receivable securitization program.