Monday, March 15, 2010

CONSOL Energy To Acquire Dominion's Marcellus Shale Assets For $3.475 Billion In Cash

CONSOL Energy, Inc. announced today that it has entered into a definitive agreement to acquire the Appalachian exploration and production business of Dominion Resources, Inc. for $3.475 billion in cash. CONSOL Energy is already the most profitable coal-focused energy company and is the second largest holder of coal reserves among U.S. publicly traded coal companies. This acquisition will substantially increase its natural gas reserves and production capacity – further enhancing CONSOL Energy's position as a leading diversified energy company with a balanced portfolio of coal and natural gas.
Importantly, the acquisition will give CONSOL Energy a leading position in the strategic Marcellus Shale fairway by tripling its development assets to approximately 750,000 acres with the addition of Dominion's approximately 500,000 Marcellus Shale acres in Pennsylvania and West Virginia. Click here for full announcement.

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