CANONSBURG, Pa. (AP) — Consol Energy Inc. earned $116 million in the first quarter, helped in part by growth from its division that focuses on oil and gas exploration and production.
Its overall results bat Wall Street expectations, and its shares rose more than 4 percent in morning trading.
The Canonsburg, Pa., company said revenue from the E&P Division jumped 58 percent to $267.2 million, as production from its higher margin Marcellus Shale operation increased 94 percent. The Marcellus Shale is a gas-rich formation deep underground that extends across several states, but most of the current production is in Pennsylvania.
"Our E&P segment continues to grow production, to deliver more efficient drilling and completions results, and is becoming a larger contributor to our earnings," Consol President Nic Deluliis said in a statement.
Consol also runs a division focused on coal mining.
Overall, the company earned 50 cents a share in the three months that ended March 31. It lost about $1.6 million, or a penny per share, in last year's quarter. Total revenue climbed 15 percent to about $969.1 million.
Analysts expected, on average, earnings of 19 cents per share on nearly $912 million in revenue, according to FactSet.
Shares of the energy company jumped $1.93, or 4.6 percent, to $43.88 in morning trading Tuesday. Its shares had been up 16 percent so far this year through Monday's close.