CNX Brings 4 Wells Online Drilled Under Pittsburgh Airport Runway

Yesterday, CNX Resources issued its third quarter 2023 update. Even with a crash in the price of natural gas this year, CNX generated $21 million in net profit during 3Q23 versus losing $427 million in 3Q22. The company also managed to generate $19 million in free cash flow in 3Q23. Of particular interest for us is that of the 13 new wells brought online during the quarter, four of them were drilled under runways at Pittsburgh International Airport. CNX has a public-private partnership with the airport to drill wells on airport property. The original plan called for 45 wells, but as of last year, only 14 wells had been drilled (see CNX, Pittsburgh Airport Cut New Deal to Drill More Wells). By our count, these four new wells boost the total to 18 wells.

To view this content, log into your member account. (Not a member? Join Today!)