This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CONSOL Energy Announces Operations Update

Stocks in this article: CNX

PITTSBURGH, Jan. 24, 2014 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX) is providing an operations update for the quarter ended December 31, 2013.

(Logo: )

"Despite the potential for distractions during a quarter with a major asset transaction, CONSOL Energy's gas operations and mines performed with distinction," commented J. Brett Harvey, chairman and CEO. "In natural gas, we again set quarterly and annual production records, while positioning ourselves to accelerate production growth in 2014. Our culture of continuous improvement yielded improved completion techniques in the Marcellus Shale, as well as substantial improvements for drilling costs per lateral foot, on an annual basis. Our coal mines ran well in the quarter as we also work to complete, in early 2014, three major projects, which are detailed below."

In our gas business, our goals for 2013 included further reducing drilling costs per lateral foot drilled in both the Marcellus and Utica Shale, increasing completion effectiveness, streamlining our drill ready processes prior to the arrival of the drilling rig that will allow for increased future activity levels, and increasing cooperation and communication with our JV partners in the Marcellus and Utica shales to facilitate increased future drilling and completion activities in both projects. 

On the drilling side, CONSOL satisfied its 2013 goal of reducing costs per lateral foot drilled by identifying and minimizing the relative proportion of nonproductive time such as mobilizing rigs, running casing, and waiting on cement. In 2013, the cost per lateral foot was $378, compared to the previous year of $529 per lateral foot. For all-in drilling and completion (D&C) costs for a 6,000 foot lateral, the total cost in 2013 was approximately $6.7 million per well, or $1.1 million per 1,000 feet, which includes the cost of wells drilled utilizing short stage lengths (SSL) and reduced cluster spacing (RCS). To illustrate the value of longer laterals, the all-in D&C costs of a 4,800 foot lateral would increase to $1.3 million per 1,000 feet, which excludes any costs associated with SSL and RCS. Utilization of SSL and RCS increases well costs by approximately $1.2 million per well, or $240,000 per 1,000 feet.  

CONSOL's Gas Division produced 48.5 Bcfe for the 2013 fourth quarter, or 16% more than the 41.8 Bcfe produced in the 2012 fourth quarter. Annual 2013 gas production was 172.4 Bcfe (net to CONSOL).

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs