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Consol Energy reports record Q1 gas production, raises 2014 coal outlook

  • Consol Energy (CNX) reports Q1 natural gas production in-line with guidance and reaffirms FY 2014 gas output, but raises its outlook for FY 2014 coal production.
  • CNX's new annual coal production outlook is 31M-33M tons, up from 30.1M-32.1M tons, but warns that demand for met coal remains weak, especially in Asia.
  • CNX says gas production hit a record 48.4B cfe in Q1 vs. guidance of 47B-49B cfe, up 23% Y/Y; the growth engine was the Marcellus Shale, where Q1 output of 20.7B cfe was nearly double the 10.7B produced in the year-ago quarter.
  • Reaffirms 2014 gas production guidance of 215B-235B cfe.
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