PITTSBURGH, March 12,
2024 /PRNewswire/ -- CNX Resources Corporation (NYSE:
CNX) ("CNX" or "the company") today announced an operational and
guidance update.
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.
About CNX Resources
CNX Resources Corporation (NYSE: CNX) is unique. We are a
premier, ultra-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, we
responsibly develop our resources and deploy free cash flow to
create long-term per share value for our shareholders, employees,
and the communities where we operate. As of December 31, 2023, CNX had 8.74 trillion cubic
feet equivalent of proved natural gas reserves. The company is a
member of the Standard & Poor's Midcap 400 Index. Additional
information is available at www.cnx.com.
Cautionary Statements
We are including the following cautionary statement in this
press release to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for any forward-looking statements made by, or on behalf of
us. With the exception of historical matters, the matters discussed
in this press release are forward-looking statements (as defined in
21E of the Securities Exchange Act of 1934 (the "Exchange Act"))
that involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. These forward-looking
statements may include projections and estimates concerning the
timing and success of specific projects and our future production,
revenues, income, and capital spending. When we use the words
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project," "will," or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe a strategy that involves risks or uncertainties, we are
making forward-looking statements. The forward-looking statements
in this press release speak only as of the date of this press
release; we disclaim any obligation to update these statements. We
have based these forward-looking statements on our current
expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies,
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. Specific factors that could cause
future actual results to differ materially from the forward-looking
statements are described in detail under the captions
"Forward-Looking Statements" and "Risk Factors" in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and
Exchange Commission (SEC) and any subsequent reports filed with the
SEC. Those risk factors discuss, among other matters, pricing
volatility or pricing decline for natural gas and NGLs; local,
regional and national economic conditions and the impact they may
have on our customers; the impact of events beyond our control,
including a global or domestic health crisis; dependence on
gathering, processing and transportation facilities and other
midstream facilities owned by others; conditions in the oil and gas
industry; our current long-term debt obligations, and the terms of
the agreements that govern that debt; strategic determinations,
including the allocation of capital and other resources to
strategic opportunities; cyber-incidents targeting our systems, oil
and natural gas industry systems and infrastructure, or the systems
of our third-party service providers; and changes in safety,
health, environmental and other regulations.
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SOURCE CNX Resources Corporation