Consol Energy
Picks Deluliis as CEO

On Friday March 21st 2014, Consol Energy (CNX) named Nick Deluliis as CEO to replace J. Brett Harvey.  Delullis has worked for Consol for 23 years and has been considered the natural selection for some time.   At 45 years old, he will be replacing previous CEO J Brett Harvey who is 63.

J Brett Harvey

Mr Harvey was CEO as Consol Energy for 15 years and was focused on bringing Oil and Gas exploration and production capacity to the company.  Consol had previously been focused on Coal but sold over half of their mines to make way for additional oil and gas development.  One of the problems facing Consol in recent years has been the environmental push to move away from coal and into shale gas.   With the environmental push away from coal, Mr Harvey’s decision to move the company into the Oil and Gas development space was a natural next step.

Nick Deluliis

Mr Deluliis intends to expand their existing gas business by adding as much as 30% to production per year.  This increase will represent a significant amount of capital outlay and dedication to drilling to reach this number on a yearly basis.   One of Mr. Deluliis plans is to invest in infrastructure that will support exporting of liquefied natural gas.   He indicates that there are price differences of 200 to 300% in other parts of the world where the exportation of natural gas from the United States would help normalize prices across the world.  In addition, this would raise the prices of natural gas domestically which would lead to increased profits for oil and gas companies with significant gas exposure.

Impact on Mineral Owners

As a mineral owner, a new CEO who wants to invest in more oil and gas production and also promote exportation of oil and gas is a very good thing.   The local investment will drive leasing prices up because more dollars are being spent on drilling to secure additional mineral rights.  In addition, if the exportation of gas ever becomes possible, this will have a very significant impact on gas prices causing them to increase.  This will lead to higher royalty payments and higher lease bonus payments as gas becomes more lucrative to drill.

When leasing mineral rights, it’s important to know what’s going on in your area so that you can get the highest lease bonus possible.   If you have questions or concerns about your mineral rights, fill out the form below and we can help!

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