Consol Energy's exploration and production (E&P) division is slashing its 2016 capital spending budget by more than 40% from previous guidance, citing continued weak commodity prices. The Appalachian producer, which has shifted its focus from coal to natural gas in recent years (NGW Jul.6'15), said last week it will spend between $205 million and $325 million on E&P this year, down from its earlier estimate of $400 million to $500 million and a steep drop from its estimated 2015 capex budget of $920 million.
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