CONSOL Energy Announces Plans to Supply European Cracker Facilities with Ethane from the Marcellus Shale in Western Pennsylvania
PITTSBURGH, Feb. 13, 2014 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX) announced today that it has entered into agreement with Ineos Europe AG, part of the Ineos Group, to export ethane via Sunoco Logistics' Mariner East infrastructure and the Marcus Hook Delaware River port for use in Ineos' European cracker complexes.
The agreement builds on plans to transport high-value propane and ethane by pipeline from Western Pennsylvania to Marcus Hook, where the materials will be processed and shipped by sea to domestic and export markets. This is the second ethane transaction that CONSOL Energy has recently announced, while the first transaction was with Royal Dutch Shell to supply ethane to its planned cracker facility in Beaver County, Pennsylvania.
"This agreement, and others like it, signify a vote of confidence that the Marcellus Shale resource base represents a long-term, reliable energy supply for industrial users both at home and abroad," commented Nick DeIuliis, President of CONSOL Energy. "We are pleased to partner with Ineos as we continue to expand upon opportunities to diversify end-user markets for our region's natural gas products."
Recent industry investment in midstream infrastructure is providing access to new opportunities by connecting the areas producing "wet" gas in Western Pennsylvania to international markets linked to the Port of Philadelphia, as well as other active and planned export facilities.
CONSOL Energy Inc. (NYSE: CNX) is a Pittsburgh-based producer of natural gas and coal. The company is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CONSOL Energy deploys an organic growth strategy focused on rapidly developing its resource base of 5.7 trillion cubic feet of proved natural gas reserves, while the company's premium coal assets are sold to electricity generators and steelmakers both domestically and internationally. CONSOL Energy is a member of the Standard & Poor's 500 Equity Index and the Fortune 500. Additional information may be found at www.consolenergy.com.
Ineos Europe AG is a global manufacturer of petrochemicals, specialty chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 51 manufacturing facilities in 11 countries throughout the world. http://www.ineos.com/en/
Various statements in this release, including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Exchange Act) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release, if any, speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the following with respect to the proposed transaction: The ability to obtain regulatory approvals for the transaction on the proposed terms and schedule; disruption to our business, including customer, employee and supplier relationships resulting from this transaction; risks that the conditions to closing may not be satisfied; and the impact of the transaction on our future operating results, our capital investment program, and our dividend, and other factors discussed in the 2012 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
SOURCE CONSOL Energy Inc.
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