The redemption date for the Called Notes is expected to be
On
Finance Update
Following the
The company continues to expect its balance sheet to improve, and assuming current forward gas prices and that free cash flow (FCF) generated by the company is used to reduce debt, the company remains on track to have stand-alone E&P leverage drop to below 2.0x in 2021. Also, stand-alone annual interest expense in 2021 is on track to be approximately 40% lower than it was in 2018, which highlights how CNX's balance sheet and capital structure continues to strengthen. The company's long-term FCF plan provides the optionality to pay off all outstanding debt before its due date.
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Cautionary Statements
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication specifically include statements regarding the proposed redemption and the completion of such redemption and the company's plans to turn back online the shut-in production volumes. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words 'believe,' 'intend,' 'expect,' 'may,' 'should,' 'anticipate,' 'could,' 'estimate,' 'plan,' 'predict,' 'project,' or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the 'Risk Factors' section of CNX's Annual Report on Form 10-K for the year ended
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