CANONSBURG, Pa., Nov. 29, 2017 /PRNewswire/ — CONSOL Energy Inc. (NYSE: CEIX) (CONSOL), formerly named CONSOL Mining Corporation, today announced that it has completed the separation from its former parent company CNX Resources Corporation (NYSE: CNX), formerly named CONSOL Energy Inc., and has begun operating as an independent, publicly-traded company listed on the New York Stock Exchange under the symbol “CEIX”. CONSOL is a low-cost producer of high-Btu thermal and crossover metallurgical coals from its Pennsylvania Mining Complex in the Northern Appalachian Basin, and it also owns and operates a major coal export terminal located in the Port of Baltimore. The company is well positioned to capitalize on the ongoing recovery in the coal markets, and its coal assets and management team have a demonstrated capability of generating strong free cash flow throughout all parts of the commodity cycle.
“This is a monumental event in the history of a 150-plus year old company. I am very excited about what the future has in store for CONSOL and about being able to lead a team of extremely talented people. The coal assets that are the foundation of our company today are well-capitalized and have a well-documented history of generating strong free cash flow. We look forward to now allocating capital to further develop this globally known platform that stands apart within the industry in terms of safety, margins, and productivity. We are committed to strong financial discipline and will be rate-of-return-driven as we evaluate future growth and capital return opportunities. I also want to take this opportunity to thank our advisors, banking partners and investors who provided us with the necessary support to make this spin-off possible. We are coming out with a strong balance sheet and liquidity that complements our asset base. Investor expectations are re-emerging and the timing of our spin ties very nicely to prior upcycles that should create value for all of our stakeholders” said Jimmy Brock, Chief Executive Officer of CONSOL Energy Inc.
As of November 28, 2017, CONSOL has total debt of approximately $918 million after taking into account the various financings entered into as part of the spin-off, unrestricted cash and cash equivalents of approximately $142 million and total liquidity of approximately $354 million, after accounting for $88 million in outstanding letters of credit. We also anticipate entering into an accounts receivables securitization facility by the end of