Business news briefs: Rice Energy sells 44M shares

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Rice Energy sells 44M shares

Shares of Rice Energy rose in their first day of trading, finishing 90 cents above their $21 offering price. The Canonsburg oil and gas producer sold 44 million shares, including 14 million owned by NGP Holdings, Rice's largest stockholder. Underwriters have the option to sell up to 6.6 million more of NGP's shares. Rice said it will use proceeds of $594.5 million to repay debt and make a $100 million payment toward a joint venture.

Consol produces record gas

Consol Energy's gas division produced 48.6 billion cubic feet of gas in 2013's fourth quarter, a quarterly record that is 16 percent higher than 2012, the company announced Friday. The quarter capped off a record year for the company, which produced 172.4 billion cubic feet of gas -- 57.8 billion cubic feet of which came from the Marcellus play. The company forecasts its Marcellus production will nearly double in 2014.

Eureka: Net income rises

Eureka Financial Corp. said net income for the three months ended Dec. 31 rose 10 percent to $366,000, up from $333,000 in the same period a year earlier. Per-share profit rose 24 percent to 31 cents from 25 cents.

PPG cited after worker death

The U.S. Occupational Safety and Health Administration has cited PPG Industries in connection with the death of a worker at its Barberton, Ohio, plant July 15. The agency issued one willful and two serious citations against PPG and is proposing $69,000 in penalties. A PPG spokesman said the company is cooperating with OSHA and will review the citations. It has 15 days to respond.

New U.S. Steel Canada leader

U.S. Steel named Michael A. McQuade president and general manager of U.S. Steel's troubled Canadian operations, effective next Saturday. Mr. McQuade, 56, had been vice president and chief financial officer of the unit. He succeeds Anton Jura, 48, who will take a position within the company's North American flat-rolled operations.

Unions gaining members

Rising employment has meant unions have gained members. While the percentage of employed workers who are union members in 2013 remained at 11.3 percent, the total number of workers in unions rose to 14.5 million, up by 162,000 from 2012. Of those unionized workers, 7.3 million are in the private sector and 7.2 million work for federal, state or local governments.


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