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Consol names new head of exploration unit

Consol Energy hires Tim Dugan from Chesapeake Energy to run exploration efforts

Associated Press

PITTSBURGH (AP) -- Coal and natural gas company Consol Energy Inc. said on Wednesday that it has named Timothy C. Dugan as chief operating officer for its exploration and production division.

Dugan most recently was vice president of Chesapeake Energy's Appalachia South unit. He also oversaw Chesapeake's operations in the Marcellus and Utica shales as well as other natural gas projects.

With coal prices falling, Consol has said it will stop investing in new coal assets and is aiming to expand its natural gas operations. On Wednesday it said it wants to double the size of its exploration and production unit by 2016.

Shares rose 54 cents to $38.72 in morning trading.