CNX Resources 3Q18: Production 1.3 Bcf/d, $35M Profit

CNX Resources, formerly CONSOL Energy, issued its third quarter 2018 update yesterday. The company reports producing an average of 1.3 billion cubic feet equivalent per day (Bcfe/d) of gas, NGLs and oil, up 18% from 3Q17. They made $35 million in profit, up from a loss of $41 million for the same period last year. CNX drilled 23 Marcellus/Utica wells in 3Q18 using four rigs, and brought 35 wells online. Three frac crews completed 27 wells during the quarter. The 23 wells drilled over the past three months included: 15 Marcellus wells in Greene County, PA; 3 dry Utica wells in Westmoreland County, PA; 3 dry Utica wells in Monroe County, OH; and 2 Marcellus wells in Tyler County, WV. The company expects to produce close to 500 Bcfe for all of 2018. CEO Nick DeIuliis boasts, “the team is firing on all cylinders.”

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