CONSOL added 1.63Tcfe of proved reserves from 2013 drilling CONSOL added 1.63 Tcfe of proved reserves during 2013 through extensions and discoveries. Drill bit finding and development cost for 2013 was 42c per Mcfe. Total proved reserves at year-end 2013 were a record 5.731Tcfe, up 44% vs. 3.993Tcfe at year-end 2012. CONSOL replaced 948% of its 2013 gas production.
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CONSOL raises FY14 E&P production guidance to 225-235 Bcfe from 215-235 Bcfe CONSOL Energy recently raised its 2014 E&P production guidance range to 225 - 235 Bcfe from earlier guidance of 215 - 235 Bcfe. To achieve the mid-point of the new range, the company will need to produce approximately 60 Bcfe in Q3 and 70 Bcfe in Q4. The company has a record number of Marcellus Shale wells due to be tied into line in Q3.