CONSOL Energy Provides Operations Updates, Including Gas Division Production Increase

CONSOL Energy Inc. (NYSE: CNX) announced operations updates for the quarter ending December 31, 2012.

As quoted in the press release:

CONSOL Gas Division produced 41.8 Bcfe for the 2012 fourth quarter, or 5% more than the 39.7 Bcfe produced in the 2011 fourth quarter. Annual 2012 gas production was 156.3 Bcfe (net to CONSOL). During the quarter, CONSOL Energy completed its second well in Noble County, OH. This Utica Shale well, the NBL 16A, was completed with 16 stages and tested at 12.0 MMcfd and 768 barrels condensate per day.  This well is currently shut-in for further dissipation of frac fluids and the installation of a gas gathering system. The early results from this well, coupled with the results from the previously announced NBL 1A well, in addition to competitor data, gives the company confidence to begin transitioning its Utica Shale program in Noble County from an exploration mode to a development mode. CONSOL now plans to drill 11 wells in Noble County in 2013.

CONSOL’s Chairman and CEO, J. Brett Harvey, said:

Substantial improvements in safety have been realized during the year and new records have been set all across the company.  Yet in the fourth quarter, we suffered a tragic fatality.  For 2013, we are focusing our efforts on reducing the severity of incidents, while maintaining the pace of overall accident reduction we’ve achieved the past five years.

To view the whole press release, click here.