Consol Reports Nearly 50% Drop in Quarterly Profit While Setting Production Record

By On January 30, 2015 4:05 pm

Shale Energy Business Briefing 

Consol Energy on Friday, Jan 30, reported fourth-quarter net income of $74 million, down nearly tenfold from $738 million in the year-earlier quarter, which included $591 million in income from discontinued operations.

The company’s E&P Division reported record production of 70.5 billion cubic feet-equivalent (Bcfe), up 45% from the 48.5 Bcfe produced in the year-earlier quarter.

Consol’s 2014 production was 235.7 Bcfe, which exceeded its goal of 30% production growth over 2013. Its annual gas production guidance remains 30% growth for 2015 and 2016.

During the quarter, an unnamed midstream company that handles and processes some of Consol’s gas and liquids had a fatality on one of their sites, during their operations. The tragedy unearthed operational standards that led Consol to question the safety procedures of the company.

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