PITTSBURGH - CNX Resources Corporation (NYSE: NYSE:CNX), an Appalachian-based natural gas producer, announced today a revision to its operational plans and financial guidance amid continued low natural gas prices. The company has decided to delay completion activities on three Marcellus Shale pads, which includes 11 wells, to prevent adding to the current oversupply in the market.
As a result of this strategic decision, CNX now anticipates its production volumes for 2024 to be in the range of 540-560 billion cubic feet equivalent (Bcfe), down approximately 30 Bcfe from the midpoint of its previous guidance. Despite this reduction, the company maintains the option to return to its long-term production volume target of around 580 Bcfe in 2025.
In terms of financials, CNX has adjusted its expected total capital expenditures for 2024 to between $525 million and $575 million, reflecting a $50 million decrease from the previously projected midpoint.
CNX Resources, with a history spanning 160 years in the region, focuses on natural gas development, production, midstream operations, and technology with an emphasis on low carbon intensity. As of December 31, 2023, the company reported 8.74 trillion cubic feet equivalent of proved natural gas reserves and is a constituent of the S&P Midcap 400 Index.
The current update was provided as part of CNX's commitment to transparency and in accordance with the Private Securities Litigation Reform Act of 1995. The company acknowledges that forward-looking statements carry risks and uncertainties that could cause actual outcomes to differ materially from projected results. Consequently, undue reliance should not be placed on these statements as a prediction of future performance.
This announcement is based on a press release statement.
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