Not one to pass up a good price, Consol Energy said it has sold 83-86% of its expected 2003 natural gas production, or about 44.8 Bcf out of an expected 52-54 Bcf of gas, at an average fixed price of $3.99/MMBtu. The company also noted it sold 7.4 Bcf of gas to be produced in 2004 at a price of $4.16/MMBtu, and 7.4 Bcf of gas to be produced in 2005 at $3.97/MMBtu.
“One of our key goals for 2003 is to create a stable financial platform for Consol Energy,” said CEO J. Brett Harvey. “We expect to begin 2003 with a high percentage of both our gas and coal under contract.”
Consol Energy Inc. is one of the largest U.S. producers of coalbed methane (CBM), with daily gas production of 130 MMcf, primarily from wells in Virginia. The company recently began CBM production in Pennsylvania and West Virginia, and has a joint-venture company producing gas and oil in Tennessee. Consol Energy also is the largest producer of high-Btu bituminous coal in the United States, and is the largest exporter of U.S. coal.
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