Miner Reborn as a Gas Driller Still Waiting to Split from Coal

For all its talk about quitting coal and becoming a pure natural gas explorer, Consol Energy Inc. still has a majority stake in three Pennsylvania mines to get rid of.

The Canonsburg, Pennsylvania-based company has been working to transform itself into a gas driller for several years, capitalizing on surging production of the heating fuel in nearby shale formations. But it wasn’t until a year ago that Consol’s gas business was big enough to completely part ways with coal. The only thing holding it back from getting rid of its stake now? Weaker capital markets.

Fellow miners including coal giant ...