CNX 2Q18: 1.3 Bcfe/d; $61M Profit; Utica Production Thru Roof

CNX Resources released their second quarter update yesterday. On the financial front the company made $61 million in profit during 2Q18, down from making $170 million in 2Q17. Hey, at least they’re in the black! During Q2 CNX produced and sold 1.3 billion cubic feet equivalent per day (Bcfe/d) of gas, which is up 33% over the same quarter last year. Nice! Much of the increase was due to a huge 277% jump in Utica Shale gas volumes. CNX ran three drilling rigs for most of 2Q, bringing on a fourth rig in late June. The rigs drilled 16 wells in 2Q, including three dry Utica Shale wells in Monroe County, OH; four Marcellus Shale wells in Greene County, PA; six Marcellus Shale wells in Washington County, PA; and three Marcellus Shale wells in Tyler County, WV. However, CNX only brought online three wells during 2Q. Here’s the details…

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