Consol Energy Gas production hits record high - Beckley, Bluefield & Lewisburg News, Weather, Sports

Consol Energy Gas production hits record high

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Organizers prepare for the 24th annual Chili Night in Uptown Beckley

    Organizers prepare for the 24th annual Chili Night in Uptown Beckley

    Tuesday, September 2 2014 7:34 PM EDT2014-09-02 23:34:46 GMT
    The 24th annual Chili Night in Uptown Beckley is quickly approaching. It's a time for local eateries to cook up their best batch of the hearty meal. The competition involves more than 40 participants, three stages of entertainment, vendors, ride and slide activities for kids and more.
    The 24th annual Chili Night in Uptown Beckley is quickly approaching. It's a time for local eateries to cook up their best batch of the hearty meal. The competition involves more than 40 participants, three stages of entertainment, vendors, ride and slide activities for kids and more.
  • Is the iCloud secure? After a celebrity leak, What You can do to Make sure your Information is Safe

    Is the iCloud secure? After a celebrity leak, What You can do to Make sure your Information is Safe

    Tuesday, September 2 2014 7:33 PM EDT2014-09-02 23:33:47 GMT
    We wanted to know just what you can do to make sure your information isn't leaked. Although there's many benefits to "cloud" services, authorities now caution against keeping your private information online.
    We wanted to know just what you can do to make sure your information isn't leaked. Although there's many benefits to "cloud" services, authorities now caution against keeping your private information online.
  • Soon all police will be wearing body cameras

    Soon all police will be wearing body cameras

    Tuesday, September 2 2014 6:37 PM EDT2014-09-02 22:37:42 GMT
    A nationwide debate is taking place after an unarmed black teenager was shot and killed by a white police officer in Ferguson, Missouri .Ferguson cops were given body cameras by two companies after allegations have been made against protesters, who are outraged by the shooting.Soon police around the country could be wearing body cameras.
    A nationwide debate is taking place after an unarmed black teenager was shot and killed by a white police officer in Ferguson, Missouri .Ferguson cops were given body cameras by two companies after allegations have been made against protesters, who are outraged by the shooting.Soon police around the country could be wearing body cameras.
  • EnergyEnergyMore>>

  • UPDATE: WV leaders applaud possible energy company expansion

    UPDATE: WV leaders applaud possible energy company expansion

    Tuesday, September 2 2014 11:05 AM EDT2014-09-02 15:05:44 GMT
    House Speaker Tim Miley, D-Harrison, said the announcement of four major energy companies partnering to build a proposed natural gas Atlantic Coast Pipeline is another step toward expanding West Virginia's economy.
    House Speaker Tim Miley, D-Harrison, said the announcement of four major energy companies partnering to build a proposed natural gas Atlantic Coast Pipeline is another step toward expanding West Virginia's economy.
  • WV Wilderness group fights against gas companies over pipeline in Pocahontas County

    WV Wilderness group fights against gas companies over pipeline in Pocahontas County

    Tuesday, September 2 2014 10:40 AM EDT2014-09-02 14:40:53 GMT
    The West Virginia Wilderness group has been fighting three gas companies for months, who want to put a pipeline in Pocahontas County .Lauren Ragland is the founder of West Virginia Wilderness and said the pipeline does not belong in Pocahontas County.
    The West Virginia Wilderness group has been fighting three gas companies for months, who want to put a pipeline in Pocahontas County .Lauren Ragland is the founder of West Virginia Wilderness and said the pipeline does not belong in Pocahontas County.
  • Dominion, Duke to build $5B natural gas pipeline

    Dominion, Duke to build $5B natural gas pipeline

    Tuesday, September 2 2014 9:20 AM EDT2014-09-02 13:20:59 GMT
    Dominion Resources, Duke Energy and other partners have proposed building a $5 billion natural gas pipeline to connect the Southeast with the prodigious supplies of natural gas being produced in Pennsylvania, Ohio and West Virginia.
    Dominion Resources, Duke Energy and other partners have proposed building a $5 billion natural gas pipeline to connect the Southeast with the prodigious supplies of natural gas being produced in Pennsylvania, Ohio and West Virginia.

Consol Energy's natural gas production is up.

The Pittsburgh-based company reported producing a record 48.4 Bcfe in the 2014 first quarter, which was within the guidance range of 47 — 49 Bcfe. Gas production was 23 percent higher than the 39.2 Bcfe produced in the same quarter a year-earlier. The growth engine for gas production is the Marcellus Shale, where 2014 first quarter production of 20.7 Bcfe was nearly double the 10.7 Bcfe produced a year earlier.

Consol Energy re-affirmed its annual gas production guidance of 215 — 235 Bcfe.

"Despite operating during the coldest winter in the past thirty years, Consol Energy's gas operations and coal mines again demonstrated strong performance," Consol President Nicholas J. DeIuliis said.

Meanwhile in coal, Consol's coal mines produced 8.1 million tons in the first quarter of 2014, including 1.1 million tons of low-vol coking coal at Buchanan Mine. Coal sales approximated production. The company's new BMX Mine began longwall production, as scheduled, in mid-March, and is running normally.

On the demand side, thermal coal demand has been strong, while met coal demand, especially in Asia, has been weak. Consol soon may have to exert some additional production discipline at its Buchanan Mine. In accounting for the difference in market strength between met and thermal coal markets, Consol Energy is raising its annual coal production guidance range from 30.1 — 32.1 million tons to 31 — 33 million tons.

Separately, Consol Energy will be presenting its income statement for the 2014 first quarter in a new format that separates coal expenses from gas expenses. The newly recast income statement is being presented to increase transparency and understanding of the company's businesses. Quarterly historical income statements (pro forma, to reflect the sale of five mines) for 2012 and 2013 in the new format have been posted to the investor relations section of the company's website, at www.consolenergy.com.