CONSOL Energy, headquartered in Pittsburgh, has been known as a coal company for generations. More recently, they’ve accumulated the fourth largest number of Marcellus Shale acres under lease and have a very active shale drilling program in both the Marcellus and the Utica Shale. So when CONSOL issues an “innocent” press release announcing three members of the executive management team are retiring, we notice.
MDN has no idea whether these announcements really mean anything beyond what they are: long-time employees retiring—although one of the three has only been with the company since 2005. Still, a big change (shake-up?) in upper management may spell a strategy change coming for the company. Here’s CONSOL’s press release from yesterday: