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Consol Energy Scales Back Its Drilling Plans

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.

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