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Consol plans asset sales to help boost natural gas output

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Monday, Jan. 14, 2013, 12:44 p.m.

Consol Energy Inc., the third-largest coal miner by sales, plans to sell assets for $127 million to $312 million in 2013 as it ramps up production of natural gas.

Asset sales will help finance 2013 capital spending of $1.29 billion to $1.5 billion, most of of it on gas production, Consol, based in Canonsburg, said on Monday. Gas output will rise 8 percent to 15 percent above last year's 156.3 billion cubic feet equivalent, the company forecast.

Consol said it plans to spend $835 million to $935 million to expand gas production this year, depending on prices for the heating and power plant fuel and liquids derived from it.

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