Exploration & Production | Top Story | Capital Markets | Capital Expenditure
CONSOL Making Big Gas Investments in 2014; Eyes Utica, Marcellus
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CONSOL Energy Inc. expects to invest approximately $1.5 billion in 2014 to accelerate its growth in natural gas production.
CONSOL re-iterates its 2014 natural gas production growth target of 30% and is guiding to a range of 215 - 235 Bcfe for the year.
J. Brett Harvey, chairman and CEO, commented: "Our 2014 Capital Budget advances our E&P growth strategy. We executed in 2013 by selling low-growth, non-core coal assets. Our primary sale, which closed last month, yielded approximately one billion dollars in cash when taking into account after-tax proceeds and related administrative cost reductions. We will apply these funds toward our aggressive 2014 natural gas drilling program. And once the BMX longwall starts late in the first quarter, we expect our coal business to also generate…
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