CONSOL Will Spend $130M Less on Marcellus Drilling in 2012

CONSOL Energy, the coal and natural gas giant with drilling operations in the Marcellus and Utica Shales, released it’s fourth quarter results along with a year-in-review yesterday. Even though the price of natural gas steadily declined during 2011, CONSOL was able to pay off all of its short term debt and ended the year with a cash balance of $376 million. CONSOL spent $1.4 billion on capital projects in 2011 and paid out dividends to shareholders totaling $96 million. The company has increased its regular quarterly dividend by 25 percent. The annual dividend is now $0.50 per share.

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