Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus
Shale
NEW YORK -(Dow Jones)- Consol Energy Inc. (CNX) said Thursday that CNX Gas
Corp. (CXG) will seek more acreage in the Marcellus Shale, seeing continued
strong growth in the region.
Executives during a conference call said CNX Gas will focus on acquiring acres
in southwest Pennsylvania and northern West Virginia, expecting to have 250,000
acres by year's end. The company earlier Thursday raised production guidance to
92 billion cubic feet from 89 billion cubic feet.
CNX Gas reported net income attributable to shareholders of $35.5 million for
the third quarter, down from $67.4 million a year earlier. Consol Energy owns
83% of the natural-gas production company.
Consol Energy reported third-quarter earnings of $87.4 million, or 48 cents a
share, down from $90.1 million, or 49 cents a share, a year earlier. Revenue
fell 7% to $1.09 billion.
Analysts surveyed by Thomson Reuters expected per-share earnings of 66 cents
on revenue of $1.1 billion.
-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com
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