Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus Shale
October 22 2009 - 11:01AM
Dow Jones News
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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