Consol Energy Scales Back Its Drilling Plans

January 26, 2012 | 11:00 AM

Yet another drilling company is scaling back its drilling output, due to low natural gas prices.
Earlier this week, Chesapeake trimmed its dry gas operations by a third. This time, it’s Consol.
More from the Post-Gazette:

Lucrative joint ventures in its gas division and strong overseas sales in its coal division helped Consol Energy post record fourth-quarter profits, but low natural gas prices have forced the Cecil-based energy firm to scale back 2012 drilling plans, the company announced today.
Consol Energy announced a profit of $196 million, or 85 cents per diluted share, for the quarter ended December 31, up from the $104 million and 46 cents seen this time one year ago. Revenue for the quarter was nearly $1.4 billion.

The Pittsburgh Business Times reports the company will cut its Pennsylvania operations by $130 million, which will mean 23 fewer Marcellus Shale wells.