CNX Resources to Acquire Apex Energy for $505 Million
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CNX Resources has entered into a definitive agreement to acquire the natural gas upstream and associated midstream business of Apex Energy in the Appalachian Basin for total cash consideration of approximately $505 million. Apex Energy is a portfolio company of funds managed by Carnelian Energy Capital Management.
Completion of the transaction, which is subject to the satisfaction of customary closing conditions, is expected to occur in the first quarter of 2025.
“This transaction represents a rare opportunity to acquire a highly complementary asset adjacent to our existing operations. It underscores our confidence in the stacked pay development opportunities that have been unlocked from pioneering the deep Utica in this region,” said CNX President and CEO Nick Deiuliis.
The acquisition strategically 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. Additionally, CNX expects operational and other development synergies to add incremental value to the core business in the coming years.
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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