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CONSOL Energy Lays Down Operated Rigs in Q4
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CONSOL Energy Inc. has reported third quarter 2015 results.
CONSOL is increasing the lower end of its 2015 annual gas production guidance by 5 Bcfe to 325-330 Bcfe, and the company expects approximately 20% annual gas production growth for 2016. The E&P Division's total unit costs declined during the quarter to $2.63 per Mcfe, compared to $3.12 per Mcfe during the year-earlier quarter. Due to continued efficiency improvements, reductions in service costs and consumables, and the optimization of support personnel through zero-based budgeting, the E&P Division expects further reductions to capital intensity and total unit costs through 2016. CONSOL Energy maintains its 2016 E&P capital budget of approximately $400-$500 million, which includes $50 million for midstream capital. CONSOL…- ✓ Full news archive — U.S., Canada & international coverage
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