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Tuesday, January 21, 2014

Consol to invest bulk of 2014 capex on gas production, (NYSE: CNX)

Consol Energy Inc said it would spend three-quarters of its nearly $1.5 billion capital budget for 2014 on natural gas production amid regulatory uncertainty for the coal industry.Consol, which has said it wants to transition into a exploration and production company with a coal subsidiary, will mainly invest to drill and complete projects in the highly productive Marcellus and Utica shales.The company said on Tuesday most of the $1.5 billion would come from the low-growth, coal assets it sold in 2013.Consol said in October it would sell five West Virginia coal mines, which comprised roughly half its coal production, for $850 million cash and $184 million in future royalty payments for its coal reserves.

Shares of CNX fell by 0.21% or $-0.08/share to $38.21. In the past year, the shares have traded as low as $26.25 and as high as $39.23. On average, 2359340 shares of CNX exchange hands on a given day and today's volume is recorded at 1578980.



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