CONSOL 3Q12 Update: $11M Loss, Spent $438M on New Projects
CONSOL Energy released third quarter results today and it’s not pretty for the energy giant (a loss of $11 million) because of their historical dependence on coal as their main source of revenue. CONSOL continues to diversify, namely by expanding into shale gas drilling in the Marcellus Shale. But coals gradual decline is having an impact on the company.
Although these quarterly earnings reports tend to cause glazing over of the eyes, every now and again you pick up a juicy tidbit, like MDN did with this report. Among the language is a brief reference to how much it costs CONSOL to produce natural gas per thousand cubic feet. How much is it costing CONSOL?