CONSOL Energy Inc. Announces Production Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Production Guidance for 2014
January 24, 2014 at 11:45 am
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CONSOL Energy Inc. announced production results for the fourth quarter and full year ended December 31, 2013. For the quarter, the CONSOL's gas division produced 48.5 Bcfe or 16% more than the 41.8 Bcfe produced in the 2012 fourth quarter. CONSOL's coal division produced 7.1 million tons, including 1.2 million tons of low-vol coking coal from the company's Buchanan Mine. This was greater than the 6.6 million tons, including 0.7 million tons from Buchanan, in the fourth quarter of 2012. During the fourth quarter, CONSOL Energy drilled 13 Marcellus Shale wells. CONSOL completed nine Marcellus Shale wells and three Utica Shale wells in the fourth quarter. Also, CONSOL turned in line 13 Marcellus Shale and two Utica Shale wells in the fourth quarter.
For the full year, gas production was 172.4 Bcfe (net to CONSOL). Coal production was 28.5 million tons, including 4.7 million tons from Buchanan, against 27.2 million tons a year ago. In 2013, CONSOL Energy drilled 55 horizontal shale wells: 46 Marcellus Shale and nine Utica Shale wells. CONSOL completed 59 Marcellus Shale wells and 10 Utica Shale wells in the year. Also, CONSOL turned in line 52 Marcellus Shale and two Utica Shale wells.
The company provided production guidance for 2014. For the 2014, the company expects gas production to range between 215 to 235 Bcfe (net to CONSOL). Gas production, net to CONSOL, is expected to be 47 to 49 Bcfe, or relatively flat from the 48.5 Bcfe produced in the fourth quarter of 2013, as a result of seasonal factors limiting wells turned into line. CONSOL's Marcellus Shale segment is expected to produce between 107 - 109 Bcfe or 87% more than the 57.8 Bcfe produced in 2013. CONSOL Energy expects first quarter 2014 total coal production to be between 7.2 - 7.6 million tons. Annual 2014 total coal production expects to be in the range of 30.1 to 32.1 million tons. Buchanan Mine's first quarter production is expected to be between 1.1 - 1.2 million tons, while annual production guidance is now estimated at 4.2 to 4.7 million tons.
CNX Resources Corporation is an independent low carbon intensity natural gas development, production, midstream and technology company centered in the Appalachian Basin. The majority of its operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale, in Pennsylvania, Ohio and West Virginia. Additionally, it operates and develops Coalbed Methane (CBM) properties in Virginia. It has rights to extract natural gas from Shale formations in Pennsylvania, West Virginia, and Ohio from approximately 527,000 net Marcellus Shale acres and approximately 607,000 net Utica Shale acres. The Company holds approximately 53,000 acres of incremental Upper Devonian acres. It has rights to extract CBM in Virginia from approximately 278,000 net CBM acres. It extracts CBM natural gas primarily from the Pocahontas #3 seam. It has rights to extract natural gas from other Shale and shallow oil and gas formations, primarily in Illinois, Indiana, New York, and others.
CNX RESOURCES CORPORATION 
