CONSOL Energy Inc. has purchased Dominion Resources Inc.'s Appalachian natural gas holdings for nearly $3.5 billion in cash. The sale gives CONSOL a leading role in the Marcellus Shale natural gas field, which runs from West Virginia to New York, and may have enough natural gas to supply the United States for a decade, analysts say.
The deal, expected to close on April 30, will give CONSOL nearly 1.5 million oil and gas acres and 9,000 wells from Dominion.
Dominion anticipates after-tax proceeds of between $2.2 million and $2.4 million. After the announcement, CONSOL's shares fell nearly 6 percent in pre-market trade, while Dominion's rose 2 percent.