Quick: Which company which recently had a board and upper management shakeup and focuses exclusively on Marcellus/Utica drilling is the #1 natural gas producer in the United States? That’s right, EQT. In a list of the top 40 natgas producers in the U.S. (full list below), it’s striking to note that eight of the top 10 are focused exclusively or primarily on the M-U.
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Category: CNX Gas
CNX Drills Longest Marcellus Well EVER – Big Budget Cuts in 2020
CNX Resources, formerly the CNX Gas division of CONSOL Energy, released its second quarter update yesterday. The big news is that during 2Q CNX drilled the longest new Marcellus well ever…at 19,609 feet! The company reports production jumped 10%, from 123 Bcfe last year to 135 Bcfe in 2Q19, and net income jumped 216% from $61 million last year to $193 million in 2Q19.
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CNX 2018 Corp Responsibility Report – Proud of NatGas
CNX Resources Corporation, formerly CONSOL Energy, released its “Corporate Responsibility Report” on Friday. CNX is headquartered in Pittsburgh and focuses totally on the Appalachian region. Corporate responsibility, sometimes called “Corporate social responsibility” (CSR), is an effort by a company to be socially accountable…to itself, its stakeholders, and the public. Companies like CNX aim to be conscious of the impacts they have on all aspects of society–including economic, social, and environmental. CNX (and others) want to leave the world a better place. How did CNX do in 2018?
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CNX Operates SWPA’s Sole 100% All-Electric Fracking Unit
A little over a year ago CNX Resources announced that the company had signed a long-term contract with Evolution Well Services to use Evolution’s 100% natural gas-fueled electric pressure pumping equipment (see CNX Signs Deal with Evolution to Use 100% Electric Fracking Fleet). That is, CNX will use electric fracking equipment, with the electricity generated by burning natural gas, instead of diesel.
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CNX Resources Holds Under 7-Minute “Virtual” Annual Meeting
Yesterday CNX Resources, a big Marcellus/Utica driller headquartered in Pittsburgh, became the first Pittsburgh-area company (and the first M-U company) to hold an online “virtual” annual meeting. It lasted less than seven minutes!
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PA Supremes Say Drilling Allowed in ALL Districts of SWPA Town
The Pennsylvania Supreme Court has just upheld a lower court opinion that allows shale drilling to happen *anywhere* in a township, so long as such drilling satisfies standards to protect public health, safety and welfare. This is the end of the road for a lawsuit funded by Big Green that began in 2015 in Westmoreland County, PA.
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CNX 1Q19 & Beyond: Go Big (in the Utica) AND Go Home
CNX Resources released its first quarter 2019 update yesterday, which shows the company lost $87 million, as opposed to making $527 million in profit in 1Q18. Even so, CEO Nicholas DeIuliis announced the company is upping its drilling budget from the previously announced $700 million to instead spend $885 million, largely to drill more “deep dry” Utica wells. Go big or go home!
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Antis Ask Westmoreland Co. to Stop CNX Drilling Near Reservoir
Anti-fossil fuelers are once again riding their high horse “demanding” that the Municipal Authority of Westmoreland County block any more shale drilling on county-owned property located near Beaver Run Reservoir. Even though CNX’s shale drilling has been going on there since 2011 with zero impacts on the reservoir and its water supply.
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CNX Faulty Utica Well in SWPA Will Cost Company $30M+
CNX was fracking their Shaw 1G Utica well in Washington Township (Westmoreland County) on Saturday, Jan. 26, when they detected “a strong drop in pressure” and stopped fracking (see CNX Hits Major Problem Fracking Utica Well Near SWPA Reservoir). Turns out the well was “communicating” (i.e. losing gas to) several nearby conventional wells.
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CNX, Range Resources Proved Reserves Both Go Up
It’s that time of year for energy companies to issue updates on just how much oil and gas they own in the ground, recoverable at current prices. Both CNX Resources and Range Resources, two major Marcellus/Utica producers, recently issued statements outlining their “proved reserves.” CNX has 7.9 trillion cubic feet equivalent (Tcfe) in proved reserves as of Dec. 31, 2018. Range Resources has 18.1 Tcfe in proved reserves.
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CNX Says Well Casing Issue, Not Fracking, Caused Rogue Utica Well
CNX Resources say they think they know why a Utica well they were fracking in Westmoreland County, PA suddenly lost pressure as they were fracking it–with gas escaping into nearby conventional wells.
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CNX Rogue Utica Well in SWPA Affects 9 Vertical Wells, Maybe More
CNX was fracking their Shaw 1G Utica well in Washington Township on Saturday, Jan. 26, when they detected “a strong drop in pressure” and stopped fracking (see CNX Hits Major Problem Fracking Utica Well Near SWPA Reservoir). Turns out the well was “communicating” (i.e. losing gas to) several nearby conventional wells.
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CNX Hits Major Problem Fracking Utica Well Near SWPA Reservoir
When people communicate, that’s a good thing. When a shale well “communicates” with nearby conventional wells, that’s a bad thing. And that’s what happened with a CNX Resources Utica well being fracked in Westmoreland County last week.
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The Rise of the Utica…in Southwest Pennsylvania!
The Utica Shale is beginning to get noticed in southwestern Pennsylvania. The rise of the Utica can be traced back to a single well drilled by CNX Resources in 2015.
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CNX Resources: Scaling Back in 2019, Still Loves the Utica
Yesterday CNX Resources, a Marcellus/Utica driller headquartered in Pittsburgh and concentrating on southwest PA, issued its fourth quarter and full year 2018 update, along with looking-ahead guidance for 2019. Like other M-U drillers we’ve recently chronicled, CNX is scaling back its budget for 2019–by 5-10%. But even spending less, the company says it will produce about 5% more gas in 2019.
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CNX Decides to Buy Frack Sand Direct from Wisconsin
Hi-Crush Partners, a frack sand vendor, announced yesterday they’ve cut a long-term deal to supply Northern White frack sand, which comes from Wisconsin, to CNX Resources for fracking Marcellus and Utica wells. So why is that a big deal?
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