CNX Resources reports losing $271 million in the fourth quarter of 2019–but it wasn’t an actual money-out-of-pocket loss. The company wrote down the value of its Marcellus Shale assets (called an impairment). The company took a $327 million impairment charge for its Marcellus assets in PA, and a $119 impairment charge for unproved gas properties in the Marcellus. Below we have details on how many Marcellus wells CNX drilled and completed in 4Q and for the full year, and what company’s top brass says about what’s ahead for CNX in 2020 and beyond.
CNX Resources reports losing $271 million in the fourth quarter of 2019–but it wasn’t an actual money-out-of-pocket loss. The company wrote down the value of its Marcellus Shale assets (called an impairment). The company took a $327 million impairment charge for its Marcellus assets in PA, and a $119 impairment charge for unproved gas properties in the Marcellus. Below we have details on how many Marcellus wells CNX drilled and completed in 4Q and for the full year, and what company’s top brass says about what’s ahead for CNX in 2020 and beyond.