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Consol Energy loses $24.9 million, but grows gas production

Anya Litvak | Pittsburgh Post-Gazette

Consol Energy Inc. lost $24.9 million, or 11 cents per share, during the past three months, the Cecil-based company reported today. That widens the loss from $12.5 million, or 5 cents per share, during the second quarter last year.

The company continued to grow its oil and gas production and decrease what it costs Consol to drill a Marcellus Shale well. Production of shale gas more than doubled since the same time last year.

Revenue for the quarter was $937 million, up from $828 million during the comparable period in 2013.

The company’s president and CEO, Nick DeIuliis, said the company is planning to sell $1 billion worth of non-core assets in the next five years.

 

Related: Niobrara production continues to grow

 

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This article was written by Anya Litvak from Pittsburgh Post-Gazette and was legally licensed through the NewsCred publisher network.

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