WASHINGTON COUNTY, Pa. — As part of the effort to separate their coal business and natural gas business, Washington County-based Consol Energy has announced that the company may sell or spin off the coal side as early as this year.
Consol reported a fourth-quarter loss of $306 million, which was down from a profit of about $34 million. At the same time, the company reported that the average sales prices that Consol got for its natural gas went up.
A spokesman issued the following statement Tuesday to Channel 11 News:
“The subsidiary that currently operates our coal business, CNX Coal Resources, is the best team in the world at what they do and are fully prepared to stand on their own. We believe the conditions necessary to achieve this full split, and continue to establish CONSOL as a major natural gas player, can occur during 2017.”
Channel 11 News also reached out to the United Mine Workers of America. A spokesperson said the labor union did not have a comment because all of Consol’s current employees are non-union workers. He said their mines with union workers were sold to Murray Energy several years ago.
Cox Media Group
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