The New York Times editorial board did point out one awkward thing about the whole visit, though. The mine is owned by Consol Energy, and Consol made clear last month that it hopes to sell off its coal subsidiary in the region. Consol hopes that by dumping its subsidiary, CNX Coal Resources, it will be able to focus on its more profitable natural gas operations. CNX Coal could be spun off to its investors or sold off to a new owner at a valuation of around $2.8 billion. But Consol officials were reportedly happy with Mr. Pruitt’s visit regardless of the circumstances.
For the Pittsburgh-based Consol to sell off its coal assets is a striking move, because it was actually founded as the Consolidation Coal Company way back in 1864. Now Consol is focused heavily on natural gas from the Marcellus Shale, having acquired most of Dominion’s exploration and production assets in the region some years ago. Consol is hoping that new pipelines being built in the region will help boost natural gas prices for its core assets in Pennsylvania, West Virginia, and Ohio.
Here at Cimmaron Land, we help companies secure exploration and production rights throughout the Utica/Marcellus region. If your company is looking to become more active in the area, just give us a call.