Second quarter earnings and operational update season is upon us. Yesterday Pittsburgh-based CONSOL posted their 2Q13 update (below). CONSOL has traditionally been one of the country’s largest coal producing companies. In recent years, however, they’ve changed their focus to natural gas–specifically Marcellus and now Utica Shale natural gas. That ongoing changeover is quite evident by the amount of space in the update below devoted to gas vs that devoted to coal operations.
During 2Q13, CONSOL drilled 13 Marcellus Shale wells and 4 Utica Shale wells. They also completed 15 Marcellus Shale wells during that period. Overall, CONSOL produced 418 million cubic feet of natural gas per day on average during second quarter. However, perhaps the most exciting news in this update is CONSOL’s successful results for a new, third shale layer: the Upper Devonian layer. The full CONSOL update: