SOURCE: Industrial Info Resources

Industrial Info Resources

January 18, 2012 06:30 ET

To Extract More Shale Gas, CONSOL Energy Boosts Natural Gas Capital Budget, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - Jan 18, 2012) - Written by John Egan for Industrial Info Resources (Sugar Land, Texas) -- CONSOL Energy Incorporated (NYSE:CNX) (Canonsburg, Pennsylvania) plans to increase its 2012 natural gas capital spending to $755 million, slightly more than it plans to invest in its coal business this year, the company said in a statement last week. In 2011, the energy conglomerate invested about $662 million in its U.S. gas business. This year's $93 million increase in its gas capital budget works out to a 14% increase.

CONSOL's $755 million capital program for gas includes $519 million for drilling, $124 million for gathering and compression projects, $30 million for production equipment, $26 million for water and $23 million for land.

Other companies featured: Hess Corporation (NYSE:HSS)

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