Consol Energy selling W.Va. coal mines to focus on gas

Oct 29, 2013 | 05:24 PM | Stacy Irish

Tags  Consol Energy, Murray Energy, metallurgical coal, natural gas, McElroy, Shoemaker, Robinson Run, Loveridge Blacksville No. 2

NEW YORK — Natural gas and coal producer Consol Energy Inc. has agreed to sell its Consolidation Coal Co. subsidiary for $3.5 billion to a subsidiary of Murray Energy Corp.

It will use the proceeds to deleverage its balance sheet and focus on growing its natural gas production.

The deal includes the sale of its McElroy, Shoemaker, Robinson Run, Loveridge and Blacksville No. 2 longwall thermal coal mines in West Virginia, the company said Oct. 29. The mines produced a combined 28.5 million tons of thermal coal in 2012.....

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