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CONSOL Energy Announces Plans for Utica and Marcellus Drilling in 2013

CONSOL Energy Inc. announced today that it expects to invest $835 – $935 million in its gas operation in 2013.  According to a press release from CONSOL, (i) an estimated $160 million will be used to maintain production; (ii) $600 million will be used to develop Marcellus Shale assets; and (iii) $122 million will be invested in the CONSOL/Hess Corporation joint venture in the Utica Shale.  According to the press release, CONSOL projects its gas production to increase by 8 to 15 percent in 2013 to approximately 170-180 Bcfe.