Following the trend of other oil and gas companies that have already announced their capital budgets for 2015, Cecil-based Consol Energy Inc. said it would spend $1 billion drilling for oil and gas this year, a drop from the $1.3 billion it spent last year.
Coal spending for the year is projected to be around $220 million, Consol said.
The oil, gas, and coal producer reported fourth-quarter earnings this morning, posting net income of $74 million, or 32 cents per share, for the fourth quarter of 2014. During the same time in 2013, Consol had a profit of $738 million, or $3.20 per share.
Revenue was $936 million, up from $825 million during the year before quarter.
Consol achieved and surpassed its goal of growing oil and gas production by 30 percent in 2014, a target it plans to reach again in 2015 and 2016.