Nick Deiuliis Retiring as CNX CEO, CFO Alan Shepard to Succeed
This is big news. The visionary Chief Executive Officer (CEO) of CNX Resources, Nick Deiuliis, is retiring at the end of this year. CNX announced yesterday that Alan Shepard, currently serving as President and Chief Financial Officer (CFO), will assume the role of President and CEO effective January 1, 2026. Nick worked at CNX for 35 years. He will remain a member of the Board of Directors. It was our privilege and honor to have a (remote) sit-down interview with Nick in July 2022, which we shared in four different posts (read them here). He’s quite a guy. Very impressive. And someone who will be missed. However, if we know anything about Nick, we know that he’s trained his replacement well. Read More “Nick Deiuliis Retiring as CNX CEO, CFO Alan Shepard to Succeed”
In June, we reported that the Pennsylvania Environmental Hearing Board (EHB), a special court in PA that hears appeals of decisions made by the Department of Environmental Protection (DEP), had ruled in favor of CNX Resources to allow two previously permitted wells in Penn Township (Westmoreland County) to move forward with construction (see 
For the week of August 25 – 31, the number of permits issued to drill new wells in the Marcellus/Utica decreased from the previous week. There were 19 new permits issued across the three M-U states last week, down from 30 issued two weeks ago. Pennsylvania issued just six new permits, with two going to CNX Resources in Greene County. Another two went to EQT (including Rice Drilling), also in Greene County. Seneca Resources and Formentera Operating both received a single permit in Cameron and Lycoming counties, respectively. 
EY, previously known as Ernst & Young, is a multinational professional services network (i.e., consulting firm) based in London. EY is also one of the “big four” largest accounting firms in the world. EY published a new study last week titled “US Oil and Gas Reserves, Production and ESG Benchmarking Study” (full copy below). The study found that due to mergers and acquisitions in 2024, the largest publicly traded oil and gas companies in the U.S. went from 50 down to 40, and that those 40 companies produced a staggering 41% of all O&G production in this country. It’s probably no surprise that many in the list produce natural gas (and oil) in the Marcellus/Utica. 
Most, but not all, of the publicly traded shale drillers operating in the Marcellus/Utica region have now issued their second quarter 2025 updates. There’s a common thread (that we previously missed) running through all of them: Production is increasing in the M-U. Of all the announced additions so far, if you add them all up, it’s around 1 Bcf/d (billion cubic feet per day) of extra production. But wait! Our region is pipeline-constrained (we’re maxing out what we can flow already). So, how can drillers produce even more? 
Last week, CNX Resources issued its second quarter 2025 update. The company reported a profit of $432.5 million for the quarter, compared with a loss of $18.3 million in 2Q24. The company generated $188 million in free cash flow, marking the 22nd consecutive quarter of FCF generation. Production was 167.6 Bcfe (billion cubic feet equivalent) in 2Q25 — which works out to 1.84 Bcfe/d — up from 134.0 Bcfe last year (a 25% increase). The reason for the dramatic increase was that CNX closed on the purchase of Apex Energy during the first quarter, and Apex’s production numbers were fully added to CNX’s numbers beginning in 2Q25. 
In May of 2024, CNX Resources Corp., KeyState Energy, and Pittsburgh International Airport (PIT) announced they were working together on a $1.5 billion project that, if completed, would make sustainable aviation fuel (SAF) at PIT from coalbed methane gas (see 
The special court established in Pennsylvania to hear appeals of Department of Environmental Protection (DEP) decisions, known as the Environmental Hearing Board (EHB), didn’t please anyone with a decision it rendered several weeks ago. We previously reported that the EHB had ruled in favor of CNX Resources to allow two previously permitted wells to move forward with construction (see 
A leftist anti-fossil group calling itself Protect PT (Penn-Trafford), located in Westmoreland County, PA, backed with big money from Big Green groups, has for years challenged Penn Township ordinances that allow Apex Energy (now CNX Resources) to drill and operate shale wells. Protect PT finally struck out (legally) at the Pennsylvania Supreme Court in May 2020 (see 
The data center high tide is lifting all gas drilling boats. That’s according to a new study from S&P Global Commodity Insights that finds the expectations of a coming boom in demand for electricity for data centers, which will create a boom in demand for natural gas to produce the electricity, is causing gas drilling companies to increase in value. It’s hard to accurately quantify the value for private companies, but for public companies (those with stock that trade on the open market), we can confirm that over the past year, the value for drillers with significant operations in the Marcellus/Utica has, on average, risen dramatically. 
In November 2023, CNX Resources CEO Nick DeIuliis signed a voluntary deal with Pennsylvania Gov. Josh Shapiro to expand drilling setbacks and several other regulatory steps not mandated for shale drillers under PA law (see 