Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus Shale

Date : 10/22/2009 @ 11:01AM
Source : Dow Jones News
Stock : Cnx Gas Corp (CXG)
Quote : 38.24  0.0 (0.00%) @ 2:05AM

Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus Shale

Cons Energy (NYSE:CNX)
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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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