CONSOL Energy (CNX) approved a $1.7 billion capital budget for 2012 and plans to spend $50 million in the Utica Shale, up from only $3 million in 2011. The funds will be used to drill 11 net wells during the year. CONSOL Energy estimates that the company’s drilling in the Utica Shale through 2015 will be:
2012 – 11 net wells
2013 – 27 net wells
2014 – 33 net wells
2015 – 33 net wells
CONSOL Energy said that in 2012, all the Utica Shale wells will be drilled in the oil window or wet gas area of the play. CONSOL Energy is involved in a joint venture with Hess Corporation (HES) in the Utica Shale.