CNX Resources 1Q18: Record High Production as Utica Skyrockets

Yesterday CNX Resources, formerly CONSOL Energy, released its first quarter 2018 update–its first full 3-month update since separating from the coal company. CONSOL began life as a coal company 150 years ago and only in recent decades entered the oil and gas business. The company split itself into coal and oil/gas back in November (see CONSOL Energy Split Done – Meet “New” Gas Driller CNX Resources). So 1Q18 is the first full quarter as a standalone o&g company for CNX. And what a quarter it was! Production of everything–gas, NGLs and oil, called “equivalent” was 129.5 billion cubic feet equivalent (Bcfe) in 1Q18, which works out to be 1.4 Bcfe per day–an increase of 36% over 1Q17. Production from Marcellus wells (gas and liquids), which is the majority of CNX’s wells, was up 14%. However, production from CNX’s Utica wells was up a huge 184% over 1Q17. Utica volumes (43.5 Bcfe in 1Q18) are rapidly catching up to Marcellus volumes (65.9 Bcfe in 1Q18). Here’s the latest from CNX…

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