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Company Description

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CNX Center

1000 Consol Energy Drive

Canonsburg, PA 15317

United States

Phone: 724-485-4000


CONSOL Energy Inc. operates as an integrated energy company. The company’s primary focus is the continued development of its Marcellus Shale acreage and the delineation and development of its Utica Shale acreage. The company is also party to two strategic joint ventures, one with Noble Energy, Inc. (Noble Energy) in the Marcellus Shale and one with a subsidiary of Hess Corporation (Hess) in the Utica Shale. The company controls approximately 436,000 net acres in the Marcellus Shale and approximately 622,000 net acres that have Utica Shale potential in Ohio, West Virginia, and Pennsylvania. In addition, the company estimates that approximately 345,000 net acres of its Marcellus Shale acreage in Pennsylvania and West Virginia are prospective for the slightly shallower Upper Devonian Shale. The company also has approximately 2.3 million net acres in its coalbed methane play. Additionally, the company provides energy services, including coal terminal services (the Baltimore Terminal), water services, and land resource management services. As of December 31, 2014, the company had 5.6 trillion cubic feet of natural gas equivalents of proved reserves. Divisions The company operates through two primary divisions, Oil and Gas Exploration and Production, and Coal Mining. Oil and Gas Exploration and Production This division is focused on Appalachian area natural gas and liquids activities, including production, gathering, processing and acquisition of natural gas properties in the Appalachian Basin. This division operates, develops, and explores for natural gas primarily in Appalachia (Pennsylvania, West Virginia, Ohio, Virginia, and Tennessee). Coal Mining This division is focused on the extraction and preparation of coal, also in the Appalachian Basin. Natural Gas Operations The company’s gas operations are located throughout Appalachia and include the following plays: Marcellus Shale: The company had the rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 436,000 net Marcellus Shale acres as of December 31, 2015. The company and Noble Energy, its joint venture partner, drilled 79 gross wells in the Marcellus Shale in 2015. The company drilled 44 of those wells in the dry gas area of the formation (including 24 wells in Southwestern Pennsylvania, 13 wells in Central Pennsylvania, and 7 wells in Northern West Virginia). The company also drilled 35 wells in the wet gas area of the play. The company completed 44 Marcellus Shale wells in 2015. The company also holds a 50% interest in an entity that constructs and operates the gathering system for majority of its Marcellus shale production. The company continues to serve as operator for CONE Midstream Partners LP. Utica Shale: The company controlled approximately 119,000 net acres of Utica Shale potential in eastern Ohio as of December 31, 2015. Additionally, the company controls approximately 113,000 net acres in southwestern Pennsylvania and northern West Virginia that contain the rights to the natural gas in the Utica Shale. The company estimates that approximately 391,000 net acres of its Marcellus Shale acreage in Pennsylvania and West Virginia are prospective for the Utica Shale. The thickness of the Utica Shale in these areas ranges from 200 to 450 feet. In 2015, a total of 31 gross wells were drilled in the Utica Shale, such as the company and Hess, its joint venture partner, drilled 24 gross wells (the company drilled 7 of those wells); the company and Noble Energy drilled 1 gross well; and the company drilled an additional 6 gross wells in the deep dry Utica area that were not part of either Joint Venture. Coalbed Methane (CBM): The company has the rights to extract CBM in Virginia from approximately 268,000 net CBM acres, which cover a portion of its coal reserves in Central Appalachia. The company produces natural gas primarily from the Pocahontas #3 seam, which is the main coal seam mined by its Buchanan Mine. The company also has the right to extract CBM in West Virginia, southwestern Pennsylvania, and Ohio from approximately 928,000 net CBM acres. In central Pennsylvania, the company


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