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Thursday, January 26, 2012

Low Natural Gas Prices Force Cutback In Consol Marcellus Drilling Plans

Consol to dial back gas-drilling plans

LinkLucrative joint ventures in its gas division and strong overseas sales in its coal division helped Consol Energy post record fourth-quarter profits, but low natural gas prices have forced the Cecil-based energy firm to scale back 2012 drilling plans, the company announced today.

The firm trimmed its 2012 spending outlook by $200 million to $1.5 billion, with $130 million of the cuts coming from the company's Marcellus division. Consol and Noble Energy will defer drilling on 23 Marcellus wells. More....

11 comments :

Anonymous said...

GAME OVER!


THE MARCELLUS DRILLING BUBBLE BURST!

GO BACK TO TEXAS!

GOOD RIDDENCE!

Anonymous said...

AWWWWWWWWW. The poor gasholes have to cut back on polluting our wells. We all feel sooooooo bad for them. NOT!

Anonymous said...

See what ya get for drillin' like hell last year.

Anonymous said...

So glad there are so many independently wealthy people that read this blog and don't have to rely on natural gas jobs.

I am sure you all have wind mills and solar panels at your house and bike to the unemployment office.

I can't imagine you all use any fossil fuels in your every day life. If you do, your comments are not only frustrating to a person working in the natural gas field but also extremely hypocritical.

Anonymous said...

I don't know who you are above comment's, but PLEASE grow up and post something useable instead of all your blubbering ! Good Gosh, grow up act like an intelligent person instead of a lanky child ! I have read all your comments, and it's pitiful..I am glad the drilling has slowed up,but if you think it's over, it's Not ! Just slowed up till thing's start going there way and intrest is lost alittle....GEEZZEEE !!!

Anonymous said...

Sounds like the gas companies don't like the principle of supply and demand and how that relates to price.

I'd want an investigation completed if the prices didn't fall with all of this product entering the market without a bunch of new consumers. Did they think that they'd just get to pump more gas into the system and keep getting the high rates? If they did, they're either really stupid or criminals.

Anonymous said...

As soon as the demand peaks we will begin drilling with a vengence. Your hills will be covered with active rigs again. Your motels will be full and your local economy will once again prosper. Count on it !

Is Your Nose Growing? said...

Anonymous said...
So glad there are so many independently wealthy people that read this blog and don't have to rely on natural gas jobs.


WHAT PISSES MOST OF US OFF IS THE FACT THAT THEY LIED AND CONTINUE TO LIE. Maybe if they had just told the truth from the start we wouldn't have so many anti-drillers now.

Anonymous said...

Yes I agree because there are sooo many good paying jobs in Potter County LOL. Adelphia is gone..and Time Warner just quietly let 20-some salaried people go at christmas! I wonder how full our hotels and restaurants would be doing without the gas drilling business?????? It is going to be slower than they expected but it is coming here....They are just deferring drilling until the price rebounds. Thy say the average well runs 6 to 8 million dollars to drill so of course they want the fastest payback. Who wouldnt? What about our residents who are getting lots of money from the wells? Im talking owners of the land and mineral rights. I have heard many stories of people buying new cars and houses from this money...Im just saying to be nice...we need something in this county!

Anonymous said...

Shipping more coal then natural gas.... Go figure ! No wonder i had a hard time getting coal this year. Hey at least we might be able buy some limestone this summer !!!

Anonymous said...

When, oh when, will Potter County and it's citizens get it? Sustainable employment is the answer. The get rich quick flavor is, and always has been, distasteful. Thinking back, the land grab by developers when the paper companies sold out; the timber boom; Adelphia; and now gas drilling. Some get rich, most don't. Living in a company town is never a sure thing....Emporium Sylvania, St. Marys carbon, for examples. Just another case of Potter County people putting their eggs in one basket, riding the wave of whatever is the latest get rich quick industry, and bitching when the basket breaks. But then again, the quote I heard many years ago....."We don't want to see people carrying lunch pails on our streets".