Consol puts focus on dry Utica play as wet-gas prices decline

Consol Energy Inc.’s strategy is going to include a lot more dry-gas development in the Utica Shale as some of the economics of the basin have shifted away from the wet-gas areas of the Marcellus Shale.”We believe the Utica will make up a larger portion of Consol’s development plans in the future,” COO Timothy Dugan told a crowd of industry executives at the DUG East natural gas conference in downtown Pittsburgh.Consol (NYSE: CNX) halted its drilling program in 2015 as commodity prices declined. It has yet to resume drilling in Pennsylvania, Ohio or West Virginia, where it has one of the largest acreages among exploration and production companies in the Appalachian Basin. Consol has signaled that it is close to making a decision as to when it will resume drilling, perhaps as early as the second half of this year. But no announcement was made today, and Dugan declined to say when drilling might resume or whether a rig would first go into the Utica or Marcellus shales.

Source: Consol puts focus on dry Utica play as wet-gas prices decline – Pittsburgh Business Times

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