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Cutbacks at Consol Energy

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World Coal,

Consol Energy will eliminate approximately 470 positions throughout the company. It has confirmed that 290 positions will be removed in its natural gas and corporate divisions and 180 from its coal division.

“These are very difficult but prudent decisions given the depressed nature of the commodity prices,” Consol spokesman, Brian Aiello, commented. “We are taking aggressive action so that Consol can continue to operate from a position of strength through the downturn and quickly capitalise on the up-cycle when it occurs.”

Consol’s stock price has decreased by nearly 40% in the last two months. The most recent stock closed at US$20.03, which is up 11 cents following the news of the layoffs.

The company plans to release its 2Q15 results on July 28.

Edited from Source: Power Source by Harleigh Hobbs

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