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On December 30, 2020, CONSOL Energy (CEIX) announced the completion of its merger with CONSOL Coal Resources LP (CCR). Shareholder approval was overwhelmingly achieved, with over 99% of CEIX shareholders and 83% of CCR limited partners voting in favor. The merger simplifies the corporate structure, reduces dual public company costs, and enhances financial flexibility. Following the transaction, CCR Common Units have been suspended from trading on the NYSE, streamlining operations and increasing efficiencies for both companies.
CONSOL Energy (NYSE: CEIX) announced a definitive agreement to acquire all publicly held common units of CONSOL Coal Resources (NYSE: CCR) in an all-stock transaction valued at approximately $34.4 million. CEIX will exchange 0.73 shares of its stock for each CCR unit, representing a 2.1% premium over recent averages. This merger, approved by both companies' boards, aims to simplify structures, improve credit metrics, and enhance capital market access. Subject to approvals, the transaction is expected to close in Q1 2021.
CONSOL Energy (NYSE: CEIX) and CONSOL Coal Resources (NYSE: CCR) will announce their third quarter earnings on November 5, 2020, prior to market opening. A conference call will follow at 11:00 a.m. ET, accessible via webcast on their investor relations pages. CONSOL Energy focuses on high-Btu coal production, with a capacity of 28.5 million tons per year from the Pennsylvania Mining Complex and 15 million tons throughput at the CONSOL Marine Terminal. CONSOL Coal Resources manages active operations in Pennsylvania with an annual production capacity of 7.1 million tons.
CONSOL Energy (CEIX) and CONSOL Coal Resources (CCR) reported multiple transactions aimed at increasing financial flexibility and liquidity since July 1, 2020. The companies anticipate generating approximately $60-$70 million in miscellaneous income and $9-$10 million in gains from asset sales in the second half of 2020. These strategic moves are designed to bolster CEIX's balance sheet and facilitate coal market recovery. CONSOL operates significant mining operations in Pennsylvania and controls vast coal reserves across the eastern U.S.
CONSOL Energy Inc. (NYSE: CEIX) and CONSOL Coal Resources LP (NYSE: CCR) reported operational updates for Q2 2020 amid the COVID-19 pandemic. The company sold 2.3 million tons of coal, with CCR's share at 0.6 million tons. Cash reserves diminished to approximately $33 million from $78 million in Q1 2020. Notable expenses included $19 million in cash interest and $14 million in mandatory loan payments. However, there were signs of improved coal shipments in June and July. CEIX continues to manage cash carefully, with no borrowings on its $400 million credit facility.
