digplanet beta 1: Athena
Share digplanet:

Agriculture

Applied sciences

Arts

Belief

Business

Chronology

Culture

Education

Environment

Geography

Health

History

Humanities

Language

Law

Life

Mathematics

Nature

People

Politics

Science

Society

Technology

"Consolidation Coal Company" redirects here. For the unrelated company that formerly operated under the same name in Iowa, see Consolidation Coal Company (Iowa).
Consol Energy
Type Public
Traded as NYSECNX
S&P 500 Component
Industry Coal mining, Natural Gas Production
Founded 1864 (1864)
Headquarters Cecil Township, Pennsylvania, United States
Key people
  • J. Brett Harvey, Chairman & CEO
  • William J. Lyons, CFO & Executive VP
  • Nicholas J. DeIuliis, President
  • Robert F. Pusateri, Executive VP
  • Robert P. King, Executive VP
  • P. Jerome Richey, CLO & Executive VP[1]
Products Coal
Natural gas
Timber
Electric power
Services Transportation
Revenue IncreaseUS$5.236 billion (2010) [2]
Employees 8,827[2]
Subsidiaries Fairmont Supply
Website www.consolenergy.com

Consol Energy Inc. /kənˈsɒl/ is an American energy company with interests in coal and natural gas production headquartered in the suburb of Cecil Township, in the Southpointe complex, just outside of Pittsburgh, Pennsylvania.[3] Consol Energy is the leading producer of high-BTU bituminous coal in the United States and the U.S.'s largest underground coal mining company.[4] As of 2011, Consol had 4.4 billion tons of proven reserves, mainly in northern and central Appalachia and produced nearly 64 million tons of coal in 2010. The company has natural gas reserves totaling 3.7 trillion cu. ft. as of 2011 and employs more than 8,800 people.[4]

History[edit]

Consolidation Coal Company (1860–1991)[edit]

Table of Cumberland Coal Trade Production 1865

Consol Energy was originally created in 1860 as the Consolidation Coal Company after several small mining companies in Western Maryland decided to combine their operations. The company was formally established in 1864 and headquartered in Cumberland, Maryland for the first 85 years (1864–1945), where the company became the largest bituminous coal company in the eastern United States.[5]

Western Maryland's coal production rose about 1 million short tons in 1865, exceeded 4 million short tons by the turn of the century, and reached an all-time high of about 6 million short tons in 1907. A small amount of the coal production in the early 1900s was premium smithing coal (as in blacksmith) that was specially processed and delivered in boxcars to customers throughout the United States and Canada. In 1945, Consolidation Coal Company was merged with Pittsburgh Coal Company and its headquarters were moved to Western Pennsylvania. [6]

With growing demand for natural gas in the U.S. following World War II, Consolidation Coal Company was acquired by the Continental Oil Company, or Conoco, in 1966.[6] By the mid-1970s, Consolidation Coal Company operated 56 mines and employed nearly 20,000 miners.[5] In 1981, Conoco along with Consolidation Coal Company was acquired by DuPont, which then sold some of its coal mining interests in Pennsylvania to the German energy company, Rheinbraun A.G.[6]

Consol Energy (1991-present)[edit]

Looking to invest in coal reserves in North America, Rheinbraun A.G offered Dupont stakes in coal mines and $890 million in 1991 to join in an equal part joint venture creating Consol Energy.[7] Despite the cost of coal dropping in the 1990s, Consol's long-term contracts and investments in longwall mining techniques allowed the company to remain competitive.[5] In 1998, Dupont sold the large majority of its stake in Consol, leaving it with only a 6 percent share and Rheinbraun A.G with a 94 percent interest.[8] Consol also acquired Rochester & Pittsburgh Coal Company in 1998.[9]

In 1999, Consol underwent a public offering (NYSE: CNX)[10] in order to pay down some of the debt the company had incurred with the majority buy-out from Dupont and the acquisition of Rochester & Pittsburgh Coal Company. Due to uncertainty surrounding demand for coal in the early 2000s, Consol began to place a greater emphasis on diversification, primarily into natural gas. Consol's first major natural gas investment was through the acquisition of MCN Energy Group Inc.'s methane reserves in southwestern Virginia for $160 million.[11] In 2001, Consol acquired Conoco Inc.'s coalbed methane gas production assets in southwestern Virginia.[12]

Consol subsidiaries CNX Ventures and CNX Land Resources also began diversification efforts during this time into methane gas and timber and farming. In 2006, Consol spun off its subsidiary CNX Gas as a standalone company, but retained 83 percent of the new company's shares.[13] On June 28, 2006,Consol Energy entered the S&P 500 replacing Knight-Ridder.[14] In 2007, CNX Gas also began investing heavily in natural gas exploration in the Marcellus Shale in Pennsylvania. In 2010, Consol acquired Dominion Resources Inc.'s natural gas production and exploration assets for 3.74 billion dollars, which included nearly 500,000 acres of Marcellus potential, tripling Consol's position in the Marcellus to approximately 750,000 acres. Consol also acquired all of the remaining publicly owned shares of CNX Gas for a cash payment of $991 million.[13]

In 2010 Consol was also named by Forbes magazine as one of the "100 Most Trustworthy Companies."[15] in 2011, Consol entered into two separate joint venture agreements to expedite its natural gas production. The first, an agreement with Noble Energy, Inc. will jointly develop the company's 663,350 Marcellus Shale acres in Pennsylvania and West Virginia.[16] The second joint agreement, with Hess Corporation, will jointly explore and develop Consol's nearly 200,000 Utica Shale acres in Ohio.[17] Consol also began an expansion of its Baltimore Terminal in 2011 to increase capacity from 14 million to 16 millions tons to increase its revenue from sales of its metallurgical coal.[18]

Operations and financials[edit]

Divisions and areas of business[edit]

Consol Energy operates as a producer of multiple energy sources, primarily for electric power generation. The company's largest assets consist of its coal and natural gas divisions, but Consol also maintains support services including Baltimore Marine Terminal, River Division, Research & Development, Land Division, and Fairmont Supply Company.

Consol's Coal Division operates 12 coal mining complexes in four states in the United States, including Pennsylvania, West Virginia, Virginia and Utah.[4] As of 2011, the company maintained an estimated 4.4 billion tons of proven and probable coal reserves and produced nearly 64 million tons of coal in 2010.[4] The coal produced from these mining operations are sold from offices in Pittsburgh, PA, Philadelphia, PA, and Atlanta, GA. Consol's coal division received the U.S. Department of the Interior's Office of Surface Mining National Award for Excellence in Surface Mining for the company's innovative reclamation practices in 2002, 2003, and 2004.[19]

Consol's Gas Division deals with natural gas exploration, development and production, producing nearly 128 billion cubic feet of coalbed methane in 2010. With the acquisition of the exploration and production business of Dominion Resources in 2010, the company has access to over 3.7 trillion cubic feet of proved clean-burning natural gas reserves in Pennsylvania, West Virginia and Ohio, including coalbed methane and shale beds. The company currently has nearly 13,000 net producing wells.[4]

As the owner of more than 430,000 surface acres in the U.S. and Canada, Consol Energy has a Land Division that oversees various projects, including selling reserve land that the company does not develop, land donation and conservation projects. Consol Energy has also been recognized for its reclamation efforts by national and state governments and has worked in partnership with several conservation groups on land reclamation projects.[20][21]

Consol's River Division oversees transportation of coal and other products on the Monongahela, Allegheny, Kanawha, and Ohio Rivers with 22 tow and tugboats and over 620 barges. Consol's Baltimore Marine terminal provides coal transshipment services from rail cars to ocean transport ships.[4]

Consol's Water Division is involved in water purification with a focus on treating wastewater produced as a byproduct of hydraulic fracturing. The company operates reverse osmosis water purification plants and has a minority interest in a company that develops solar-powered water purification systems which, as of July 2012, was conducting a pilot test at one of Consol's gas drilling sites.[22][23]

Consol also maintains the Fairmont Supply Company, dedicated to the sale and distribution of mining services and equipment. Additionally, the company operates the largest privately owned research and development facility in the industry that is devoted exclusively to coal and energy utilization and production.[24]

Financials[edit]

In 2010, Consol Energy had an annual revenue of $5.236 billion. Customers primarily include electric utilities and steel mills in the U.S., but demand from European utilities has increased during the 2000s.[4] Consol Energy was ranked number 428 on the Fortune 500 list in 2011.[25]

Corporate responsibility[edit]

Boat operated by Consol Energy passing downtown Pittsburgh, PA.

Environmental record[edit]

In September 2009, several thousand fish were killed in Dunkard Creek, Monongalia County, West Virginia. While state officials attributed the fish kill to a golden algae bloom, an investigation by the Environmental Protection Agency claimed that mining discharges from Consol Energy's Blacksville No. 2 mine created the conditions for the golden algae bloom.[26] After halting operations at the mine following the fish kill, Consol was allowed to continue mining operations after coming to an agreement with the West Virginia Department of Environmental Protection to submit a proposal for discharge treatment plants by April 15 of 2010.[27] Consol also invested $200 million in a water treatment facility and paid a $5.5 million federal penalty to the U.S. Department of Justice and half to the West Virginia Department of Environmental Protection in 2011.[28] The company maintains that it was never found liable for the fish kill.[29]

As a producer of coal and natural gas, the environmental impact of coal mining and natural gas drilling has been a subject of controversy for Consol Energy. Despite this, the company has been recognized for its efforts at environmental protection and was awarded the U.S. Environmental Protection Agency Climate Protection Award in 2002.[30] Additionally, Consol maintains ongoing environmental efforts aimed at restoring and enhancing property managed by the company and has worked with conservation groups including Ducks Unlimited and the National Wild Turkey Federation on habitat restoration efforts.[31]

Political involvement[edit]

An ad by the National Rifle Association critical of President Barack Obama that was filmed on Consol's Blacksville No. 2 coal mine in West Virginia became an issue of political debate in 2009.[32] The National Rifle Association intended to ask miners the question "How do you feel about having your Second Amendment rights taken away if Obama becomes president." Word spread among pro-Obama miners who contacted their union, the United Mine Workers of America, resulting in 440 miners taking the day off to avoid appearing in the ad in a contract-sanctioned protest, halting production at Consol's Blacksville No. 2 coal mine.[33]

Lobbying efforts on the part of Consol have also been an issue of controversy. In the first quarter of 2010, Consol spent $1.02 million in lobbying expenses on issues relating to the coal mining and natural gas industries.[34]

Naming rights[edit]

Consol Energy has put its name to two sports facilities in its Pittsburgh-area. In 2007, Consol energy purchased the naming rights to Washington, Pennsylvania's minor league baseball team the Washington Wild Things' field, Consol Energy Park.[35] Consol later purchased the naming rights to the Consol Energy Center in 2008; the arena that hosts the Pittsburgh Penguins National Hockey League team.[36][37] It is estimated that Consol Energy won the bid for naming rights at a cost between $2.0 - $4.0 million per year, for 21 years.[38]

See also[edit]

References[edit]

  1. ^ "CONSOL Energy Governance". CONSOL Energy. 2011. Retrieved 2011-10-28. 
  2. ^ a b "About Us - Consol Energy". Consol Energy. 2010. Retrieved August 30, 2011. 
  3. ^ "Consol Energy Inc.". Hoovers. Retrieved 2011-12-14. 
  4. ^ a b c d e f g "2010 10-K, Consol Energy". Consol Energy Inc. Retrieved 2011-12-12. 
  5. ^ a b c "CONSOL Energy Inc.". Funding Universe. Retrieved 2011-12-20. 
  6. ^ a b c Pederson, Jay (2004). International directory of company histories, Volume 59. St. James Press. p. 135. 
  7. ^ "Du Pont To Sell Half Of Consol; Germany's Rheinbraun Creates Coal Giant". Coal Week 17 (12): 1. 1991-03-25. 
  8. ^ McKay, Jim (1998-09-18). "German Firm Taking Control Of Consol". Pittsburgh Post-Gazette. 
  9. ^ "Consol Coal To Acquire R&P". Pittsburgh Post-Gazette. 1998-05-30. 
  10. ^ "Consol Company Overview". Hoovers. Retrieved 2011-12-20. 
  11. ^ "Consol Energy Inc acquires MCN Energy-Appalachia Coal from DTE Energy Co". Alacra. 
  12. ^ "Consol to acquire CBM site". Gas Daily 18 (161). 2001-08-21. 
  13. ^ a b Green, Elwin (2010-03-16). "Consol in $3.5B gas deal". Pittsburgh Post Gazette. Retrieved 2011-12-20. 
  14. ^ "S&P 500 Hot Stocks: CONSOL Energy Joins the SPX". Schaeffer's Investment Research. June 28, 2006. Retrieved July 8, 2010. 
  15. ^ Coster, Helen (2010-04-05). "The 100 Most Trustworthy Companies". Forbes. Retrieved 2011-12-20. 
  16. ^ Puko, Timothy (2011-08-18). "Consol Energy selling half its Marcellus rights for $3.4B". Pittsburgh Tribune-Review. Retrieved 2011-12-20. 
  17. ^ "Consol sells Utica Shale rights in Ohio for $593M". The Associated Press. 9/7/2011. Retrieved 2011-12-20.  [dead link]
  18. ^ Schwartzel, Erich (2011-12-25). "Coal's Power: Coal energy output outstrips gas, nuclear combined". Pittsburgh Post-Gazette. Retrieved 2/3/2012. 
  19. ^ "Excellence in Surface Coal Mining Reclamation Award Winners". Office of Surface Mining Reclamation and Enforcement. Retrieved 1/10/2012. 
  20. ^ "Island Donated to Conservation Effort". WV Web. Retrieved 1/10/2012. 
  21. ^ "Energy for Wildlife". National Wild Turkey Federation. Retrieved 1/10/2012. 
  22. ^ "What The Frack? Natural Gas Producer Buys Into Solar". AOL Energy. Retrieved 11 July 2012. 
  23. ^ "Consol Energy 2011 10-k". Consol Energy. Retrieved 12 July 2012. 
  24. ^ Wereschagin, Mike (7/10/2008). "McCain lauds Consol's work in clean coal". Pittsburgh Tribune. Retrieved 1/10/2012. 
  25. ^ "Fortune 500". Fortune. Retrieved 1/10/2012. 
  26. ^ Adducchio, Ben (2010-04-20). "Dunkard Creek fish kill topic at Monongahela River Summit". WV Public Broadcasting. Retrieved 2012-1-23. 
  27. ^ Hopey, Dan (2009-12-21). "W.Va. OKs resumption of mine discharges in Dunkard Creek". Pittsburgh Post-Gazette. Retrieved 2012-1-23. 
  28. ^ Hopey, Dan (2011-03-15). "Consol to pay $5.5M for Clean Water Act violations". Pittsburgh Post-Gazette. Retrieved 2012-1-23. 
  29. ^ Junkins, Casey (2011-10-29). "Consol Sued for Dunkard Creek Fish Kill". The Wheeling News-Register. Retrieved 2012-1-23. 
  30. ^ "48 Individuals And Organizations Honored For Leadership And Innovation In Protecting The Climate And Stratospheric Ozone". Environmental Protection Agency. Retrieved 2012-1-23. 
  31. ^ "Clay County Mine Honored for Reforestation Efforts". The State Journal. 2009-08-26. Retrieved 2012-1-23. 
  32. ^ Huber, Tim (2008-09-22). "UMW plans stoppage over NRA filming". USA Today. Retrieved 2010-04-30. 
  33. ^ Greenhouse, Steven (2008-10-02). "Mine Workers Protest Anti-Obama Ad". The New York Times. Retrieved 2010-04-30. 
  34. ^ "Coal Mining". 
  35. ^ Reynolds, Dan (4/12/07). "CONSOL, Wild Things in naming rights deal". Pittsburgh Business Times. Retrieved 2/7/2012. 
  36. ^ Price, Karen (16 December 2008). "Pens assign naming rights to arena". Pittsburgh Tribune-Review. Retrieved 16 December 2008. 
  37. ^ "CONSOL Energy Acquires Naming Rights to New Pittsburgh Arena". PittsburghPenguins.com. 2008-12-15. Retrieved 2008-12-15. 
  38. ^ Simonich, Milan (December 16, 2008). "Consol wins naming rights for arena". Pittsburgh Post-Gazette. 

Further reading[edit]

  • Brugger, Maryland: A New Guide to the Old Line State, Johns Hopkins University 1999, ISBN 0-8018-5980-8
  • Albert L. Feldstein, "Feldstein's Historic Coal Mining and Railroads of Allegany County, Maryland", Publisher Albert L. Feldstein, 2000, ISBN 0-9701605-0-X (This book consists of 135 historic Allegany County coal mining and railroad related photographs. These are primarily from the early 1900s. Accompanying each depiction is an historical narrative with facts, figures, dates and other information. Included within this number are 23 biographies of individuals associated with the history of coal mining in the region.)

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Consol_Energy — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.
71232 videos foundNext > 

Dale Earnhardt, Jr. Tours CONSOL Energy's Enlow Fork Mine

NSACAR Star Dale Earnhardt, Jr. took his first trip into a coal mine at CONSOL Energy's Enlow Fork Mine.

CONSOL Energy's The Journey of Coal

CONSOL Energy is at the forefront of coal production and distribution, with the ability to export 15 million tons of coal annually to 19 countries across the...

CONSOL ENERGY - Coal Safety

This video played before the entire team of Enlow Mine and their families at the Consol Energy Center in Pittsburgh.

08.04.14 Miley Cyrus - Consol Energy Center - Pittsburgh, PA

Rinks 101: Consol Energy Center Arena Tour

From Edmonton Oilers, get a tour of the Pens arena.

Consol Energy Center - Pittsburgh Penguins Arena Timelapse 2008-09

Time lapse of the new Energy Consol Center for the Pittsburgh Penguins. Images were collected since April 2008 - December 2009. Musical score was created by ...

Mario Lemieux & Sidney Crosby Skate On Consol Energy Center

Mario & Sid Skate On Consol Energy Center.

The Rise of Consol Energy Center and the Demise of Mellon Arena

This time lapse video was created from still photographs taken approximately once a week. The sequences of the roof panels of Mellon Arena falling were taken...

CONSOL Energy Center Penguins Season Opener 2010 Pregame Part 1

The pregame of opening night at the CONSOL Energy Center, October 7, 2010. Pittsburgh Penguins vs. Philadelphia Flyers. Features Mario Lemieux emptying a bot...

Paul McCartney - Another Day - Consol Energy Center - Pittsburgh, PA - July 7, 2014

Paul McCartney performs Another Day at the Consol Energy Center in Pittsburgh, PA on July 7, 2014 and talks about Pittsburgh people during his Out There tour.

71232 videos foundNext > 

3357 news items

Pittsburgh Post-Gazette

Pittsburgh Post-Gazette
Mon, 25 Aug 2014 10:02:10 -0700

Tom Corbett, Allegheny County Executive Rich Fitzgerald, executives from Consol Energy and a cavalcade of elected officials gathered on county-owned land near the airport to officially kick off what is expected to be a $1 billion natural gas ...

PennEnergy

NASDAQ
Tue, 26 Aug 2014 17:59:53 -0700

CONSOL Energy 's ( CNX ) focus on natural gas production has brought it near the fringes of Pittsburgh Airport, where the company started to drill wells as per its plans. CONSOL will drill 45 wells from six pads to explore the gas-rich Marcellus Shale ...
 
New York Times
Mon, 25 Aug 2014 16:34:15 -0700

The start of natural gas drilling near the Pittsburgh International Airport is being cheered by Pennsylvania politicians from both parties. The ceremony on Monday to officially announce the start of drilling by Consol Energy featured remarks by ...
 
Washington Free Beacon
Fri, 15 Aug 2014 08:33:53 -0700

Filings with the Securities and Exchange Commission reveal that Soros bought 5.1 million shares of CONSOL Energy last quarter. CONSOL is a leading coal and natural gas producer, but it sold off about half of its coal assets late last year. The ...
 
StockWise Daily
Sun, 31 Aug 2014 03:23:18 -0700

The three companies, Peabody Energy Corporation (NYSE:BTU), CONSOL Energy Inc. (NYSE:CNX), and Alpha Natural Resources, Inc. (NYSE:ANR), are expected to take advantage of the possible situation in Europe to increase their supply to the continent.

Pittsburgh Post-Gazette

Pittsburgh Post-Gazette
Sun, 17 Aug 2014 07:27:58 -0700

This week's P&G Gymnastics Championships at Consol Energy Center will serve as the start of an unpredictable journey to Brazil, and the five young women selected to be Team USA's latest national darlings could come from anywhere. It is likely to be a ...

Pittsburgh Post-Gazette

Pittsburgh Post-Gazette
Thu, 07 Aug 2014 21:09:10 -0700

Former Heavyweight Champion Mike Tyson shakes hands with fighter Monty Meza Clay of Rankin during a press conference Thursday at The Boiler Room on Banksville Road for The Pride of Pittsburgh boxing event at Consol Energy Center this weekend.

Bidness ETC

Bidness ETC
Sun, 31 Aug 2014 03:07:30 -0700

US coal producers have been underperforming for some time now because of low domestic demand. New environment regulations, competition with natural gas industry and the popularity of alternative energy technologies have all contributed to the ...
Loading

Oops, we seem to be having trouble contacting Twitter

Talk About Consol Energy

You can talk about Consol Energy with people all over the world in our discussions.

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!