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Last $28.44 USD
Change Today +0.62 / 2.23%
Volume 2.5M
CNX On Other Exchanges
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As of 8:04 PM 06/2/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

CNX Center

1000 Consol Energy Drive

Canonsburg, PA 15317

United States

Phone: 724-485-4000

Fax:

CONSOL Energy Inc. operates as an integrated energy company. The company controls approximately 441,000 net acres in the Marcellus Shale and approximately 226,000 net acres in the Utica Shale in Ohio, West Virginia, and Pennsylvania. In addition, it 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 2.4 million net acres in its coalbed methane (CBM) play. The company is a 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. As of December 31, 2014, the company had 6.8 trillion cubic feet of natural gas equivalents of proved reserves. Divisions The company operates through two primary divisions, Oil and Gas Exploration and Production (E&P), and Coal Mining. E&P 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). The company’s primary focus is the continued development of its Marcellus Shale acreage and the exploration and development of its Utica Shale acreage. Coal Mining This division is focused on the extraction and preparation of coal, also in the Appalachian Basin. 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. The company and Noble Energy, its joint venture partner, drilled a record 169 gross wells in the Marcellus Shale in 2014. The company drilled 77 of those wells in the dry gas area of the formation. It also completed 73 Marcellus Shale wells in 2014. The company also holds a 50% interest in a gathering company, which builds and operates the gathering system for majority of its Marcellus shale production. The company operates these midstream assets. Utica Shale: The company controlled approximately 118,000 net acres of Utica Shale potential in eastern Ohio as of December 31, 2014. Additionally, the company controls an additional 108,000 net acres in southwestern Pennsylvania and northern West Virginia that contain the rights to the natural gas in Utica Shale. In addition, it estimates that approximately 388,000 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 2014, the company and Hess, its joint venture partner, drilled 39 gross wells in the Utica Shale. The company drilled 14 of those wells. 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 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 934,000 net CBM acres. In central Pennsylvania, it has the right to extract CBM from approximately 260,000 net CBM acres. In addition, the company controls 768,000 net CBM acres in Illinois, Kentucky, Indiana, and Tennessee. It also has the right to extract CBM on 139,000 net acres in the San Juan Basin; and 20,000 net acres in the Powder River Basin. Other Gas Shallow Oil and Gas: The shallow oil and gas acreage position of the company was approximately 853,000 net acres mainly in Illinois, Indiana, Kentucky, West Virginia, Pennsylvania, Virginia, and New York as of December 31, 2014. Upper Devonian: The Upper Devonian Shale formation lies above the Marcellus Shale formation in southwestern Pennsylvania and northern West Virginia. The company, with its joint venture partner Noble Energy, drilled nine wells in the

 

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