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Consol Touts Dry Utica Test Well; Talks 2016 Outlook, 4Q Results
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CONSOL Energy Inc. reported its fourth quarter and year-end 2015 results.
Highlights: For 2016, CONSOL Energy recently revised its E&P Division capital budget to approximately $205-$325 million.Marcellus Shale production volumes in the 2015 fourth quarter were 48.5 Bcfe, or 33% higher than the 36.5 Bcfe produced in the 2014 fourth quarter. CONSOL Energy's Utica Shale production volumes in the 2015 fourth quarter were 20.7 Bcfe, up substantially from 7.1 Bcfe in the year-earlier quarter. In January 2016, CONSOL Energy completed its second successful test of the dry Utica/Point Pleasant formation: CONSOL's GH 9 well had an initial 24-hour flow test of 61.9 MMcf per day at an average flowing casing pressure of 8,312 psi. CONSOL has a 100% working interest and 96% net revenue interest (NRI)…
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