CNX Delays Completion Activities on Three New Marcellus Shale Pads, Reduces Production

Published: March 12, 2024 |

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CNX said it will reduce production for 2024 in response to the continued lower outlook for near term natural gas prices.

The company will delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the current oversupplied market.

As a result of these changes to the operational plan, the company now expects the following full year guidance ranges:

• Production Volumes:
The company expects 2024 production volumes to be between 540-560 Bcfe, a decrease of approximately 30 Bcfe from the midpoint of the previously stated guidance range. Additionally, the company maintains the flexibility to return to its previously stated long term production volume target of approximately 580 Bcfe in 2025.

• Total Capital Expenditures:
The company expects 2024 total capital expenditures to be between $525-$575 million, a $50 million reduction from the midpoint of the previously stated guidance range.

CNX Resources is a premier, low carbon intensive natural gas development, production, midstream, and technology company centered in Appalachia. CNX isone 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 our shareholders, employees, and the communities where they operate.

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