CONSOL Energy Expects to Invest $835-$865M in Oil, Coal, Water Businesses in 2013
CONSOL Energy (NYSE: CNX) expects to invest $835 - $865 million in its coal, gas, and water businesses in 2013, after adjusting for certain expected proceeds. The table below shows the components of the expected net investment.
2013 Net Investment Details ($ MM)
Less: Asset Sales
"Our net investment in 2013 reflects both our ability to invest in our organic growth opportunities in coal, gas, and liquids," commented J. Brett Harvey, chairman and CEO, "while selling assets that have more value to others. We have some flexibility in our 2013 investment plan, in both coal and gas. In our coal division, once we complete the BMX Mine, we do not expect to be investing in new major coal growth projects. So, in 2014 and beyond, we expect annual coal investments to approach maintenance-of-production levels of $5 to $6 per ton."
CONSOL Energy expects to be able to fund this 2013 net investment through cash flow from operations.
In 2013, CONSOL will receive the final annual installment of $328 million from Noble Energy. This is reflected in the