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Tuesday, June 3, 2014

Consol Becomes Latest Driller to Abandon Northern Portion of Utica Shale

From the Tribune Chronicle:
Consol Energy Inc. is no longer a tenant at the Columbiana County Port Authority's industrial park in Leetonia. 
The news came to light during last week's port authority meeting, when the board agreed to lease the space formerly occupied by Consol to another company. 
Port authority CEO Tracy Drake said afterwards that the CNX Gas Co., Consol's natural gas division, advised him in writing the company was declining to renew its annual lease after it expired on March 31. 
Drake said he called Consol officials immediately to determine if they were dissatisfied with the building or the lease. "They said they were happy with the building but they indicated it was an operational move," he said. 
Consol/CNX agreed in March 2012 to begin leasing 10,000 square feet of office space at the World Trade Park in Leetonia, which was later increased by 2,610 square feet, with the annual lease payments totaling $252,199. 
The location was to serve as Consol's field office as the company increased its oil and gas development efforts in eastern Ohio. Consol officials said at the time they intended to use the local office to focus on developing property under lease in Mahoning, Trumbull and Portage counties. In recent months BP and Halcon Energy Corp. announced they were pulling out of those areas, and Consol and Chesapeake Energy said it was cutting back on its oil and gas exploration in northern Ohio.
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