CNX Closes $505 Million Acquisition of Apex Energy
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CNX Resources has closed the acquisition of the natural gas upstream and associated midstream business of Apex Energy, a portfolio company of funds managed by Carnelian Energy Capital Management, in the Appalachian Basin for total cash consideration of approximately $505 million.
This strategic bolt-on acquisition expands CNX’s existing stacked Marcellus and Utica undeveloped leasehold in the CPA region and provides an existing infrastructure footprint that can be leveraged for future development.
“We look forward to demonstrating the unique CNX approach to operations and community relations to these new communities within the Apex footprint. We place a high priority on closely collaborating with our operating communities, local officials, and directly with residents to understand their needs and concerns,” said CNX President and CEO Nick Deiuliis.
“CNX’s Radical Transparency environmental monitoring and real-time disclosure initiative, in collaboration with Pennsylvania Governor Shapiro and the state Department of Environmental Protection, provides local communities and residents with an even greater level of transparency into our operations, which we believe is second to none in our industry. We look forward to bringing the Apex assets into the CNX family,” added Deiuliis.
CNX Resources is a premier, low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia, one of the most energy abundant regions in the world. With the benefit of a 160-year regional legacy, substantial asset base, leading core operational competencies, technology development and innovation, and astute capital allocation methodologies, they responsibly develop resources and deploy free cash flow to create long-term per share value for shareholders, employees, and the communities where they operate.
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