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Stock Market & Financial Investment News

News For CNX From The Last 14 Days
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February 10, 2016
10:56 EDTCNXCoal producers rise after Supreme Court temporarily blocks EPA order
The shares of a number of coal companies are rising after the Supreme Court blocked the Obama administration from implementing a rule that would require a significant cut in power plants' carbon emissions. WHAT'S NEW: In a one page order, the nation's highest court told the administration to refrain from carrying out the rule, which was issued by the Environmental Protection Agency. The court's four liberal justices said that they did not support the court's order, but none of the justices explained the rationale for their decisions. The order will prevent the rule from being implemented until the lawsuit against it is decided by an appeals court and is heard by the Supreme Court. The rule would, by 2030, require a 32% cut in power plants' carbon emissions versus 2005 levels. If implemented, the rule would likely force power plants to use less coal and rely more on cleaner energy sources. PRICE ACTION: In morning trading, CONSOL (CNX) rose 1.4% to $7.63, Peabody Energy (BTU) gained 7% to $3.62 and Cloud Peak Energy (CLD) advanced 6% to $1.56.
09:34 EDTCNXCONSOL spikes higher in early trading
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07:54 EDTCNXSupreme Court issues stay of coal emissions regulations, NYT reports
In what was called a "stunning development," the Supreme Court temporarily blocked the Obama administration's proposed regulations for emissions from coal-fired power plants, reported The New York Times. The case is most likely to return to the top court after an appeals court considers an expedited challenge from states, corporations and industry groups opposing the rules, the report noted. Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Alpha Natural (ANR), Arch Coal (ACI), CONSOL (CNX), Cloud Peak (CLD) and Peabody (BTU). Reference Link
February 8, 2016
08:22 EDTCNXCONSOL nominates Lanigan to board, elects Thorndike as chairman
CONSOL Energy announced the nomination of Bernard Lanigan, Jr., Joseph P. Platt and Edwin S. Roberson to its Board of Directors for election at its annual meeting of shareholders scheduled for May 11, 2016. The other nominees include eight current members of the Board.The company also announced the election of William N. Thorndike, Jr. as Chairman of the Board effective immediately upon the conclusion of the annual meeting. J. Brett Harvey, current Chairman of the Board, has elected to retire and not stand for re-election at the annual meeting. The Board has appointed Mr. Harvey as Chairman Emeritus, in recognition of his many years of service to the company, as both Chairman and CEO. Philip W. Baxter and David C. Hardesty, Jr. have also elected to retire and not stand for re-election at the annual meeting. Lanigan founded and has served as Chairman and CEO of Southeast Asset Advisors, Inc., a registered investment advisor and wealth management company, since 1991.
February 5, 2016
06:51 EDTCNXCONSOL announces E&P division proved reserves of 5.6 Tcfe in FY15
During 2015, CONSOL Energy added 934 Bcfe, net to CONSOL, of proved reserves through extensions and discoveries. As of December 31, 2015, total proved reserves were 5.6 Tcfe, which included 583 Bcfe, or 10.3%, of oil, condensate, and liquids. Marcellus Shale reserves account for 369 Bcfe, or 14.4%, of these heavier hydrocarbons. CONSOL Energy replaced 284% of its 2015 production, when considering increases from extensions and discoveries of 934 Bcfe. Production in 2015 was 329 Bcfe. During 2015, drilling and completion costs incurred directly attributable to extensions and discoveries were $618.3M. When divided by the extensions and discoveries of 934 Bcfe, this yields a drill bit finding and development cost of 66c per Mcfe, compared to 76c per Mcfe at year-end 2014. Future development costs for PUD reserves are estimated to be approximately $943M, or 48c per Mcfe.

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