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Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus Shale

NEW YORK -(Dow Jones)- 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 -0

Stock News for Cnx Gas (CXG)
DateTimeHeadline
04/29/201008:31:24Consolidated Energy 1Q Profit Drops 49% On Acquisition Costs
03/22/201007:08:19Consolidated Plans To Buy Rest Of CNX, Sell $4.5 Billion Of Debt...
01/28/201008:33:57Consolidated Energy 4Q Profit Drops 19%; 2010 Looks 'Promising'
01/04/201009:00:10Consolidated Energy Approves Flat '10 Cap Spending; 40% Going...
10/22/200911:01:14Consolidated Energy: CNX Gas Seeks More Acreage In Marcellus...
10/22/200909:14:05Consolidated Energy Earnings Fall On Lower Coal Sales Volumes

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