CONSOL 4Q12 Operations Update: NatGas Up 5%, Coal Down 6%
CONSOL Energy, the country’s largest coal mining company, is an important (and big) driller in the Marcellus/Utica Shale region. Today CONSOL released an operations update which covers details from the fourth quarter of 2012 and looks forward to their plans for 2013. The update does a deep dive on their Marcellus/Utica drilling business, including details of their drilling activity with joint venture partners Noble Energy (in the Marcellus) and Hess (in the Utica). Although CONSOL drilled and completed fewer wells in 2012 than they did in 2011 (see the table below), the wells they did drill produced far more natural gas than previous wells. Each year they get better.
Here’s the update from CONSOL:
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A very important legal decision in New York potentially affects all New York landowners with and without drilling leases who have seen a sharp jump in their property assessments. A Broome County, NY Supreme Court judge has just ruled in favor of four Tioga County, NY landowners who sued to have their property assessments reduced, believing their assessments were unfairly raised because of the perceived increase in land value from the possibility (i.e. “speculation”) that the land may one day see Marcellus Shale drilling.