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

|By:, SA News Editor

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.