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CNX Gas Corp.(CXG)

 
123Jump Rating:   Underwriters:
     
Status: Priced  
 
Address: 4000 Brownsville Rd.
 FiledDate: 08/12/2005
  South Park,
    
  PA 15129
 Filed Price Range ($): $16.00
       
Telephone: 412-854-6719 Filed Offer Amount ($ Million): $447.00
       
Fax: Shares Offered (Millions): 28
       
Websites: www.consolenergy.com Shares Outstanding (Millions): 150.83
       
Management: Philip Baxter, Chair.
 IPO Date: 01/19/2006
  Nicholas DeIuliis, Pres./Dir./CEO
    
  Ronald Smith, EVP/COO
 Final Offer Price ($): $22.00
       
Industry: Oil & Gas Exploration Final Offer Size (Millions of Shares): 27.93
       
Employees: 134 Final Offer Amount ($ Million): $614.46
       
Competitors: Appalachian Power
 S-1 Forms: 2006 S1-Form  download
  Columbia Gas of Virginia
    
  Dominion Peoples
  
       
     
     
     
       
 
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Investor Relations Corporate / History Profile Executives Products Services
Quarterly Performance   

Qtr Ended

 Revenues Net Income EPS
03 / 2003 53,673 13,715 NULL
06 / 2003 52,726 11,267 NULL
09 / 2003 52,455 11,321 NULL
12 / 2003 56,529 15,411 NULL
03 / 2004 71,714 22,408 NULL
06 / 2004 85,978 20,775 NULL
09 / 2004 120,981 18,872 NULL
12 / 2004 118,863 18,733 NULL
Business Environment

Company Strategy
The Company is engaged in the exploration, development and production of natural gas in the Appalachian Basin.
Product/Services Portfolio
The Company produces coalbed methane, or CBM, which is pipeline quality gas that resides in coal seams. Nearly all of the Company’s gas production currently is from operations in Central Appalachia. In this region, the Company operated 1,565.5 net wells, 885 miles of gathering lines and various compression stations at March 31, 2005.

In Northern Appalachia the Company operates 124 wells at March 31, 2005 and its average daily net production for the month of December 2004 was approximately 5 mmcf per day.

The Company has also been developing gas production in the Tennessee area through a 50% joint venture. In this area, the Company’s 50% portion of average daily net production for the month of December 2004 was approximately 0.5 mmcf per day.

The Company drilled 235 development wells in the twelve months ended December 31, 2004, of which 33 wells were in process at December 31, 2004. Nearly all of the Company’s development wells and acreage are located in Central Appalachia. The Company currently plans to drill approximately 188 wells in the twelve-month period ending December 31, 2005. Of these wells, 150 are proposed to be conventional CBM wells drilled into coal seams not yet mined. Of the remaining wells, 36 are to be drilled into mine areas to produce gob gas and two of the projected wells are expected to be conventional gas wells.

The Company’s gas operations in Central Appalachia have built separate gathering systems in their gas fields to deliver gas to market. The first gathering system is a 50-mile, 16-inch gathering system that is capable of transporting 100 mmcf of gas per day. This gathering system has processing and compression facilities and connects with a Columbia pipeline located in Mingo County, West Virginia. The second gathering system is a 30-mile, 20-inch gathering system capable of transporting 150 mmcf of gas per day. This gathering system also connects with a Columbia gathering system in Wyoming County, West Virginia.

The Company markets its gas to third party gas marketers. In Central Appalachia, the Company operates a large gathering system to move its gas from producing wells to third-party interstate transporters. The gathering system has a capacity of 250 mmcf compared with the Company’s 2004 annual average daily gross production of 156 mmcf.

Investment Analysis
Total revenue and other income were $106.1 million for the three months ended March 31, 2005, an increase of $34.3 million or 47.9% compared to $71.7 million for the three months ended March 31, 2004.

Total cost & expenses were $62.9 million for the three months ended March 31, 2005, an increase of $28.0 million or 80.2% compared to $34.9 million for the three months ended March 31, 2004.

Depreciation, depletion & amortization was $9.1 million for the three months ended March 31, 2005, an increase of $1.3 million or 17.4% compared to $7.8 million for the three months ended March 31, 2004.

Net income was $26.5 million for the three months ended March 31, 2005, an increase of $4.1 million or 18.4% compared to $22.4 million for the three months ended March 31f, 2003.

Income Data (Thousand $ Except EPS)
Year Revenues Costs Oper Income Taxes Net Income EPS
2002 150,953 108,249 0.00 16,677 26,027 0.00
2003 215,383 135,372 0.00 31,202 51,714 0.00
2004 397,536 264,850 0.00 51,898 80,788 0.00
2005 106,050 62,919 0.00 16,605 26,526 0.00
*As of period Ended March 31, 2005

Balance Sheet Data (Thousand $)

Year

 Cash Acct Recv. Inventory Total Cur Assets Total Cur Liability PPE Total Assets LT Debt SH Equity
2003 4 418 0.00 21,912 29,883 583,704 664,635 0.00 464,232
2004 3 700 0.00 16,324 42,093 640,876 723,290 0.00 462,556
2005 3 274 0.00 21,621 37,075 645,937 729,063 0.00 457,733
*As of period Ended March 31, 2005

Cash Flow Summary (Thousand $)

Year

 Net Cash-Ops Net Cash-Inv Net Cash-Fin Net Change
2002 88,643 -101,472 12,831 2
2003 143,133 -90,605 -52,526 2
2004 175,350 -93,114 -82,237 -1
2005 36,498 -10,688 -25,810 0.00
*As of period Ended March 31, 2005
 
 
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