Wednesday, May 10, 2017

Consol Energy sees potential in Utica that others don't

 Consol Energy horizontal gas drilling rig in Greene County, Pa. Mladen Antonov photo for/AFP -/Getty Images

Anya Litvak reports for the Pittsburgh Post-Gazette:

Consol Energy Inc. held its annual shareholders meeting on Tuesday. It lasted for 10 minutes.

Shareholders of the Cecil-based energy company approved its nominated directors and auditors, agreed to an annual vote on executive compensation and approved the executive compensation packages put before them. They also voted against requiring the company to offer further disclosures of its political activities, such as lobbying.
After the meeting, CEO Nick DeIuliis said the company is optimistic about its ability to drive down the cost of producing natural gas from the Utica Shale, a formation deeper than the Marcellus that most other oil and gas companies believe cannot yet compete with the Marcellus economically.
Consol believes it can and that the Utica wells the company is drilling now will prove that, Mr. DeIuliis said.
He also said the time for selling its Bailey Mine Complex in southwestern Pennsylvania “is looking good right now.”
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