Consol Energy Inc. (CNX) provided an operations update for the first-quarter ended March 31, 2013.
Consol's Coal Division produced 14.8 million tons for the first quarter of 2013, including 1.3 million tons of low-vol coking coal from the company's Buchanan Mine. It exceeded guidance as production surged to meet stronger-than-expected export markets. Despite Buchanan's strong first quarter production, realized prices weakened as the quarter progressed.
During the first quarter of 2013, Consol's total coal inventory decreased by 414 thousand tons to 964 thousand tons as of March 31, 2013. This is the lowest total coal inventory levels in 15 years. Thermal coal inventory decreased to 875 thousand tons during the quarter. Low-vol Buchanan and Amonate inventory also decreased during the quarter by 153 thousand tons, to only 89 thousand tons.
Consol's Gas Division produced 39.2 Bcfe for the 2013 first quarter or 4% more than the 37.7 Bcfe produced in the 2012 first quarter. The first quarter 2013 production was down 6% compared to the fourth quarter of 2012, as a result of frac schedules and other seasonal factors that limited wells turned into line.
Consol Energy expects second quarter 2013 total coal production to be between 13.25 - 13.75 million tons. Annual 2013 total coal production guidance is 55.5 - 57.5 million tons. Buchanan Mine's second quarter production is expected to be between 0.9 - 1.0 million tons, while annual production guidance is now estimated at 4.0 - 4.2 million tons.
Consol Energy expects its 2013 gas production to be approximately 170 - 180 Bcfe (net to consol). Second quarter 2013 gas production, net to consol, is expected to be approximately 38 - 40 Bcfe, or relatively flat compared with the 39.2 Bcfe produced in the first quarter of 2013. Based on our drilling and completion schedule, we expect our production to be more back-end weighted for this year.
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