During the fourth quarter of 2019:
The company reported a net loss attributable to CNX shareholders of $271 million, or a loss of $1.45 per diluted share, largely due to a $327 million non-cash impairment charge related to exploration and production properties and a $119 million non-cash impairment charge related to unproved properties and expirations, both of which were associated with the company's Central Pennsylvania (CPA) acreage. In the fourth quarter of 2018 the company reported net income attributable to CNX shareholders of $102 million, or earnings of $0.50 per diluted share. During the fourth quarter of 2019 and 2018, there was an unrealized gain on commodity derivative instruments of $93 million and an unrealized loss on commodity derivative instruments of $37 million, respectively.
The company reported total production costs of $1.97 per Mcfe, including $0.86 per Mcfe of Depreciation, Depletion and Amortization (DD&A), compared to $1.89 per Mcfe, including $0.89 per Mcfe of DD&A, in the year-earlier quarter.
On a consolidated basis, the company reported a net loss of $240 million for the 2019 fourth quarter, largely due to a $327 million non-cash impairment charge related to exploration and production properties and a $119 million non-cash impairment charge related to unproved properties and expirations, both of which were associated with the company's CPA acreage. This compares to net income of $129 million in the fourth quarter of 2018.
Consolidated capital expenditures were $228 million, compared to $322 million spent in the year-earlier quarter.
The company had total weighted-average diluted shares of common stock outstanding of 186,615,121, compared to 203,741,408 shares in the fourth quarter of 2018.
Fourth Quarter Highlights
Had sales volumes of 143.4 Bcfe, or an increase of 5.4% from the 136.1 Bcfe sold in the fourth quarter of 2018.
Had stand-alone capital expenditures of $156 million, or a decrease of 41% from the $266 million in the fourth quarter of 2018. For full year 2019, stand-alone capital expenditures were $876 million, which is below the previously stated guidance range of $890-$915 million.
Turned-in-line five wells and drilled 12 wells.