CONSOL Reports Record Gas Production in 4Q10
CONSOL reported production numbers for the fiscal quarter ended December 31, 2010.
CONSOL's Coal Division reports total coal production of 16.8 million tons for the quarter, including 1.2 million tons of low-vol metallurgical coal produced by the company's Buchanan Mine. The total production was the highest of any quarter in 2010 and lifted total 2010 production to 62.4 million tons, including 4.5 million tons from Buchanan.
CONSOL's Coal Division continues to expect 2011 production to be between 59 and 61 million tons for the year. We also expect a normal seasonal production pattern which would result in 2011's first and fourth quarter production being higher than 2011's second and third quarter production.
CONSOL's Gas Division achieved record quarterly gas production of 36.2 Bcf for the quarter ended December 31, 2010. This was 44% higher than the 25.1 Bcf produced in last year's December quarter. For the year, CONSOL produced 127.9 Bcf, eclipsing 2009's record production of 94.4 Bcf by 35%.
CONSOL will update its gas production forecast in conjunction with the release of the 2011 capital budget on January 27th.