CONSOL Energy 3Q16: In the Black, Production Up, Utica Focused

CONSOL EnergyComing on the big news yesterday that CONSOL Energy is calling it splitsville with Noble Energy on their 2/3 of a million acres joint venture in the Marcellus (see Divorce: CONSOL & Noble Dissolve M-U Joint Venture), CONSOL released its third quarter 2016 update. The company reports making $25 million in 3Q16, which is better than many who remain in the red. Production was up 12% for the quarter, year over year. They reactivated two rigs in August, both of which began drilling Utica wells in Monroe County, OH. They ended up drilling two Utica wells during the quarter. In the update, CONSOL crowed about the impressive Gaut 4IH well in Westmoreland County, PA. That well (a Utica well) produced 6.04 billion cubic feet (Bcf) even though it wasn’t brought online until the end of 3Q16…

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