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Consol Energy, Consol Coal withdraw FY'20 guidance due to coronavirus pandemic

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.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.

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.