Consol Cuts 2016 Capex, Keeps Gas Drilling On Hold

摘要

Energy's exploration and production (E&P) division is slashing its 2016 capital spending budget by more than 40% from previous guidance. The US Appalachian natural gas producer, which has shifted its focus from coal to gas in recent years (OD Feb.2'15), said Wednesday it will spend between $205 million and $325 million on E&P this year, down from its earlier estimate of $400 million-$500 million and a steep drop from its estimated 2015 capex budget of $920 million.