Consol expects to post losses during second quarter
Tuesday, July 21, 2015
Consol Energy Inc. has not yet released second quarter production results, but the company expects to report an operational loss when figures are reported next week.
Pittsburgh Tribune-Review reports that the company will write down the value of some of its shallow wells. Consol recently cut 470 positions in its coal, natural gas and corporate operations due to low prices and the natural gas supply glut.
Consol was up 75 percent during the first quarter of 2014 in comparison to the first quarter of 2014. However, the company still expects to increase natural gas production by 30 percent in 2015.
Via: Pittsburgh Tribune-Review > Consol warns of losses due to natural gas glut
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