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
Related:
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.