STOCK, UNIT AND DEBT REPURCHASE

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

STOCK, UNIT AND DEBT REPURCHASE

STOCK, UNIT AND DEBT REPURCHASE:

In December 2017, CONSOL Energy’s Board of Directors approved a program to repurchase, from time to time, the Company’s outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025, in an aggregate amount of up to $50 million through the period ending June 30, 2019. The program was subsequently amended by CONSOL Energy’s Board of Directors in July 2018 to allow up to $100 million of repurchases of the Company’s common stock or its 11.00% Senior Secured Second Lien Notes due 2025, subject to certain limitations in the Company’s current credit agreement and the tax matters agreement (TMA). The Company’s Board of Directors also authorized the Company to use up to $25 million of the program to purchase CONSOL Coal Resources LP’s outstanding common units in the open market. In May 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $75 million, bringing the aggregate limit of the program to $175 million. The May 2019 expansion also increased the aggregate limit of the amount of CCR's common units that can be purchased under the program to $50 million, which is consistent with the Company's credit facility covenants that prohibit the Company from using more than $50 million for the purchase of CCR's outstanding common units. The Company's Board of Directors also approved extending the termination date of the program, from June 30, 2019 to June 30, 2020. In July 2019, CONSOL Energy's Board of Directors approved an expansion of the program in the amount of $25 million, bringing the aggregate limit of the Company's stock, unit and debt repurchase program to $200 million.

Under the terms of the program, CONSOL Energy is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. CONSOL Energy is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock, notes or units are to be funded from available cash on hand or short-term borrowings. The program does not obligate CONSOL Energy to acquire any particular amount of its common stock, notes or units, and can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements and within the limits imposed by any credit agreement, receivables purchase agreement, indenture, or the TMA, and is subject to market conditions and other factors.

During the three and nine months ended September 30, 2019, the Company repurchased approximately $15,728 and $35,048 of its 11.00% Senior Secured Second Lien Notes due 2025, respectively. Also during the three and nine months ended September 30, 2019, 1,366,054 and 1,717,497 shares of the Company's common stock were repurchased and retired at an average price of $16.97 and $19.06 per share, respectively, and 19,413 and 26,297 of the Partnership's common units were purchased at an average price of $12.88 and $14.05 per unit, respectively.

During the nine months ended September 30, 2018, the Company repurchased approximately $20,524 of its 11.00% Senior Secured Second Lien Notes due 2025. During the three and nine months ended September 30, 2018, 190,272 and 281,272 shares of the Company's common stock were repurchased and retired at an average price of $41.93 and $40.03 per share, respectively, and 77,536 of the Partnership's common units were purchased at an average price of $17.86 per unit.