Consol plays more gas compared with 2013
MOUNDSVILLE – Whether it’s ethane, propane, butane or dry methane natural gas, Consol Energy is increasing output, as the the company’s Utica shale production from July 1 through Sept. 30 was 34 times greater compared to the same period in 2013.
Not satisfied to only raise its Utica levels, Consol also increased Marcellus shale natural gas yields by 76 percent from the third quarter of 2013 compared to this year.
Overall, the Canonsburg, Pa.-based company produced 64.9 billion cubic feet of natural gas from July-September, reflecting a 41 percent increase from the 46.1 billion cubic feet it pumped over the corresponding three months in 2013. Of this amount, 30.7 Bcf consisted of Marcellus gas, with another 6.8 Bcf drawn from the Utica formation.
During the same time last year, Consol yielded 17.4 Bcf from the Marcellus formation and 0.2 Bcf from the Utica, company information indicates.
“Our record gas production in the third quarter represents sequential growth of 25 percent, which is the largest in company history,” Consol President and CEO Nicholas J. DeIuliis said. “Our focus continues to be on
execution: Production growth, lowering costs and maximizing rates of return.”
Utica shale condensate and natural gas liquids production in the quarter was 0.5 Bcf and 2.0 Bcf, respectively, up from negligible amounts in the year-earlier quarter.
“When you look at what we have accomplished so far in 2014, the rate of change and results are impressive,” DeIuliis added.
Consol expects overall gas production to grow 30 percent each year for the next two years.