CONSOL Energy Appoints Chief Operating Officer to Lead Exploration and Production Growth Strategy
CONSOL Energy Inc. (NYSE: CNX) announced that it has selected Timothy C. Dugan as the new Chief Operating Officer for its Exploration and Production (E&P) division.
Mr. Dugan comes to CONSOL Energy from Chesapeake Energy where he most recently served as Vice President of the Appalachia South Business Unit. Since 2009, he has directed Chesapeake Energy's operations in the Marcellus and Utica shales, and recently added oversight of geology, drilling, completions and reservoir planning. In addition, he was an integral part of the Dallas/Fort Worth International Airport natural gas development project, the first major airport drilling program in the United States. Mr. Dugan's resume also includes key operational roles with Cabot Oil and Gas Corporation and EQT Corporation. He brings with him over 30 years of experience across many of the major gas fields including the Marcellus, Utica, Devonian, Barnett and Haynesville shale plays.
"Tim's intimate knowledge of all operational aspects, specifically in the Marcellus and Utica Shales, his industry perspective, as well as his experience on the ground floor of a major airport drilling project, made him the logical choice to lead CONSOL Energy's E&P division, which is poised for dynamic growth in the coming years," commented Nick DeIuliis, President of CONSOL Energy, "This hire represents a critical step in implementing the growth strategy we have embarked upon. Tim brings outstanding credentials and experience to CONSOL Energy, and we are excited to have him join our team."
Mr. Dugan received his B.S. in Chemical Engineering with an emphasis in Petroleum Engineering from the University of Pittsburgh. He is also a longstanding member of the Society of Petroleum Engineers.
"This is a well-respected company with strong leadership and a storied history. I'm honored to be part of the team that will lead the new strategic direction and execute the growth plan in the coming months and years," commented Tim Dugan. "It's great to be coming back to Pittsburgh. This is an exciting time for CONSOL Energy and for the entire region."
CONSOL Energy is targeting 30% year-over-year growth for the next three years and expects to double the size of its E&P operations by 2016.
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 4.0 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.
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.
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