CONSOL Energy Triples Marcellus Shale Gas Production in 2010

CONSOL Energy had a banner year in 2010 for natural gas discovery and production. CONSOL’s daily production of shale gas nearly tripled in 2010 from 2009, in large part due to their acquisition of Dominion Resources. From a recent press release we get these numbers:

  • CONSOL invested $255.7 million in drilling capital in 2010;
  • 24 horizontal wells were drilled in the Marcellus Shale in 2010;
  • 13 of the 24 horizontal wells were brought online in 2010;
  • CONSOL spent an average $4.1 million per well to drill and bring a well online;
  • total daily production from the Marcellus Shale grew from 14 MMcf per day as of Dec. 31, 2009 to 40 MMcf per day as of Dec. 31, 2010 (tripled!);
  • CONSOL is now the third-largest holder of Marcellus Shale acreage, with 752,000 acres owned or controlled.*

*CONSOL Energy Press Release (Feb 8) – CONSOL Energy Proved Gas Reserves Nearly Double