Consol Energy has more gas to burn

Posted February 4, 2015

Sam Kusic
Pittsburgh Businesss Times

Consol Energy Inc. (NYSE: CNX) has upped its estimate of the amount of gas under it thinks it is sitting on by 19 percent, the company announced Tuesday.

According to Consol, extensions and discoveries have increased its proved reserves to 6.8 trillion equivalent cubic feet, as of Dec. 31. Proved reserves are an estimate of the amount of gas that's reasonably likely to exist and is feasibly recoverable, given current prices and technology.

The increase, which equates to 1.1 trillion equivalent cubic feet, is more than quintuple the amount of gas Consol produced in 2014.

Consol said much of the increase in extension and discoveries result from its Marcellus Shale program. Under the program, Consol brought 53 new Marcellus wells into production during 2014.

The year 2014 was a milestone for Consol, as its shale production grew to the point that it outstripped its coalbed methane production, long the primary source of its natural gas production.