Consol’s fourth quarter profits less than in 2014
Sunday, January 31, 2016
During the fourth quarter of 2015, Consol Energy Inc. reported a decrease in profits compared to the same period in 2014.
Consol earned $30.4 million during the final three month period last year, Pittsburgh Tribune-Review reports. From October to December 2014, the company netted $73.7 million.
Consol cut total costs and expenses by about 30 percent during the fourth quarter. While low prices persist, the company is still bringing previously drilled wells online. The newspaper reports that drilling a previously drilled well and putting it into production costs less than drilling a new well and putting it into production.
Via: Pittsburgh Tribune-Review > Consol posts lower profit on tumbling gas, coal prices
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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.