CONSOL Considers Reducing Coal Assets - WTRF 7 News Sports Weather - Wheeling Steubenville

CONSOL Considers Getting Out of the Coal Business

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Consol Energy is considering reducing its coal assets and focusing more on natural gas.

According to the Wall Street Journal, Consol has invested heavily in the natural gas market in recent years, including a $3.5 billion purchase of Dominion Resources' Appalachian gas business to take advantage of the shale gas boom.

(Read the Wall Street Journal article here.)

In a press release, the company said, "In our second quarter earnings release, CONSOL Energy stated that we are evaluating our overall corporate structure to consider different alternatives to unlock additional value for our shareholders."

Eighty percent of Consol's revenue came from its coal operations in 2013. However, Between 2008 and 2012, its coal production slipped nearly 14 percent, while its natural gas production rose 104 percent.

The company said in a news release all options are being considered and emphasized nothing has been set in stone.

(Read the full press release here.)

Coal analysts say likely buyers for Consol's coal mines include Chris Cline's Foresight Energy LLC, Alliance Resource Partners LP, and Murray Energy Corp.