CONSOL Update: Spending $1.5B in 2014, Production Target 235 Bcfe
CONSOL Energy continues its rapid transformation from coal producer to natural gas producer. Yesterday the company issued an update reiterating their intention to hike natural gas production by 30% this year. To do it, they plan to spend up to $1.5 billion on drilling and capital investments. That’s a whole lotta dough. Most of that will be spent in the Marcellus and Utica Shale (CONSOL is headquartered in Pittsburgh).
Below is CONSOL’s announcement in which they tell us where, and how, they plan to dramatically increase natural gas production in 2014: