CNX Resources

CNX Resources | Energy Companies

CNX Q1 Lost $198M, Generated $100M in FCF, 19 Wells Added Online
April 25, 2025April 25, 2025

Yesterday, CNX Resources issued its first quarter 2025 update. The company lost $198 million for the quarter, compared with a profit of $6.9 million in 1Q24. On the financial plus side, the company generated $100 million in free cash flow, marking the 21st consecutive quarter of FCF generation. Production was 147.8 Bcfe (billion cubic feet equivalent) in 1Q25 — which works out to 1.64 Bcfe/d — up from 140.4 Bcfe last year (a 5.3% increase). Drilling all but stopped during 3Q24, a trend that continued in 4Q24. However, drilling picked up again in 1Q25, with the company drilling five new wells, fracking eight wells, and bringing 19 wells online to sales (called “turned-in-line” or TIL). The TILs included nine Southwest Pa. Marcellus wells, two Central Pa. deep Utica wells, and an eight-well Central Pa. Marcellus pad acquired from Apex Energy. Read More “CNX Q1 Lost $198M, Generated $100M in FCF, 19 Wells Added Online”
Belmont County | CNX Resources | Columbiana County | Encino Energy | Energy Companies | EQT Corp | Fayette County | Guernsey County | Gulfport Energy | Harrison County | HG Energy | Hilcorp Energy | INR/Infinity Natural Resources | Marshall County | Monongalia County | Monroe County | Ohio | Pennsylvania | Southwestern Energy | Tuscarawas County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County

36 New Shale Well Permits Issued for PA-OH-WV Apr 7 – 13
April 17, 2025April 17, 2025

Last week was an interesting week for new permits issued to drill new shale wells in the Marcellus/Utica. For the week of Apr 7 – 13, the number of permits issued soared, up 15 from the previous week. Last week, 36 new permits were issued. The surprising thing is just how few of those new permits were issued in the Keystone State (PA). Just five new permits went to PA. CNX Resources had four of PA’s new permits, all for the same well pad in Westmoreland County. The other permit went to EQT in Fayette County. Read More “36 New Shale Well Permits Issued for PA-OH-WV Apr 7 – 13”
Antero Resources | Ascent Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Industrywide Issues | Range Resources Corp | Research | Seneca Resources

4Q Earnings for M-U Drillers Bounced Back After Down First 3 Qtrs
April 1, 2025April 1, 2025

The experts at RBN Energy track 38 exploration and production (E&P) companies to monitor financial and operational performance. In a recent blog post, RBN found the 10 gas-weighted E&Ps (all but one with significant operations in the Marcellus/Utica) experienced a rebound in earnings during Q4 2024 after a rough first three quarters of the year. Earnings for the 10 gas-weighted E&Ps averaged $3.02/boe (barrels of oil equivalent) in Q4 2024 after losses in Q2 and Q3 2024. Cash flow averaged $10.18/boe, 52% higher than the $6.71/boe generated in Q3 2024. Realized prices averaged nearly $18/boe in Q4 2024, 24% higher than the $14.52/boe recorded in Q3 2024. Things are looking up for M-U drillers. Read More “4Q Earnings for M-U Drillers Bounced Back After Down First 3 Qtrs”
Ascent Resources | Butler County | CNX Resources | Energy Companies | EOG Resources | Harrison County | Lycoming County | Monongalia County | Ohio | PennEnergy Resources | Pennsylvania | Pennsylvania General Energy | Range Resources Corp | Washington County | Weekly Permits | West Virginia

22 New Shale Well Permits Issued for PA-OH-WV Mar 17 – 23
March 28, 2025March 28, 2025

For the week of Mar 17 – 23, the number of permits issued in the Marcellus/Utica to drill new shale wells dropped by nine from the previous week. Last week, 22 new permits were issued, with 16 going to the Keystone State (PA). PennEnergy Resources took the lion’s share with 11 permits for a single pad in Butler County. PA General Energy received four permits for a single pad in Lycoming County. Range Resources got one new permit in Washington County. Read More “22 New Shale Well Permits Issued for PA-OH-WV Mar 17 – 23”
CNX Resources | Energy Companies | Hydrogen | Industrywide Issues

CNX No Longer Participating in ARCH2 Appalachian Hydrogen Hub
March 12, 2025March 12, 2025

CNX Resources, one of the original founding partners in the Appalachian Regional Clean Hydrogen Hub (ARCH2) project created during the Biden administration, has “paused” its participation in the project. CNX is no longer listed as a partner on the ARCH2 website and confirmed to the Pittsburgh Business Times it is no longer participating (for now) while it waits to see whether the Trump administration will move forward with ARCH2 and the other hydrogen hubs promised $7 billion in funding during the previous administration. Trump froze funding for the hydrogen hub projects and is currently reviewing the program, placing all seven hydrogen hub projects, including ARCH2, in limbo. Read More “CNX No Longer Participating in ARCH2 Appalachian Hydrogen Hub”
Ascent Resources | Chesapeake Energy | CNX Resources | Energy Companies | Energy Services | EQT Corp | Equitrans/EQT Midstream | Industrywide Issues | MarkWest Energy | Research | Seneca Resources

Report: M-U has Lowest Methane Emission Intensity of Any O&G Basin
March 11, 2025March 11, 2025

The Appalachian Methane Initiative (AMI) is a coalition of leading U.S. natural gas companies in the Marcellus/Utica, including Ascent Resources, CNX Resources, EQT Corporation, Equitrans Midstream Corporation (now part of EQT), Expand Energy Corporation, MPLX, and Seneca Resources. AMI uses independent monitoring providers, technical consultants, and top-tier universities to monitor and track methane emissions in the M-U. Yesterday the group released the findings of its 2024 basin-wide methane monitoring program. The report confirms that the Appalachian Basin (the M-U) has the lowest methane emissions intensity of any major oil and gas producing basin in the United States. Read More “Report: M-U has Lowest Methane Emission Intensity of Any O&G Basin”
CNX Resources | Energy Companies | ESG | Industrywide Issues | Pennsylvania | Statewide PA

CNX Data Shows “No Material Impact” to Air & Water from Drilling
February 12, 2025February 12, 2025

CNX Resources’ Radical Transparency™ program is a first-of-its-kind public-private collaboration announced between CNX and Pennsylvania Governor Josh Shapiro in November 2023 (see CNX Signs Deal with PA Gov. to Increase Setbacks, Other Changes). We’re no fans of Josh Shapiro, a guy who repeatedly attacked the Marcellus industry when he was Attorney General, but sometimes you do a deal with the devil to make a point. We think CNX bested Shapiro with its deal. CNX released its first Radical Transparency™ assessment report in August 2024 (see Independent Monitoring of CNX Ops Shows No Public Health Threat). The initial results of nine months of continuous air emissions monitoring at natural gas well sites and compressor stations in southwestern Pennsylvania indicated that CNX natural gas development poses no public health risk. Yesterday, CNX CEO Nick Deluliis told the Department of Environmental Protection’s Citizens Advisory Council that a year and a half of air and water monitoring shows “no material impact” to air or water quality from its natural gas development operations.

Read More “CNX Data Shows “No Material Impact” to Air & Water from Drilling”
CNX Resources | Energy Companies

CNX Bypasses NGOs, Directly Funds School Lunches, Veterans, Others
February 12, 2025February 12, 2025

There are a lot of nonprofits that do a lot of great work. MDN editor Jim Willis has served on several boards of such groups. We say that to preface two posts today that take aim at nonprofits (otherwise called NGOs or nongovernmental organizations) that are NOT doing great work and, in some cases, are corrupt. Most large public companies will find a few NGOs and hand money to them as part of their “S” in ESG (environment, social, governance) programs. Companies that donate allow NGOs to distribute the money to various agencies, causes, and other nonprofits. The problem is the NGOs often don’t do a good job. Sometimes, the NGOs have sticky fingers and keep some of the money for themselves. CNX Resources, a big publicly traded driller in the Marcellus/Utica, takes a different approach to charity. Read More “CNX Bypasses NGOs, Directly Funds School Lunches, Veterans, Others”
Apex Energy | CNX Resources | Energy Companies

CNX Drilled Just 1 New Well in 4Q24, Plans to Add 34 Wells in 2025
January 31, 2025January 31, 2025

Yesterday, CNX Resources issued its fourth quarter and full-year 2024 update. The company lost $145 million for the quarter, compared with a profit of $514 million in 4Q23. Production was 141.9 Bcfe (billion cubic feet equivalent) in 4Q24 — which works out to 1.54 Bcfe/d — down from 146.9 Bcfe last year (a drop of 3.4%). Drilling all but stopped during 3Q, and that trend continued in 4Q. The company drilled just one new Utica well in central PA. However, CNX fracked nine wells and brought six wells online to sales in southwestern PA. Read More “CNX Drilled Just 1 New Well in 4Q24, Plans to Add 34 Wells in 2025”
Apex Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Equinor/Statoil | Industrywide Issues | M&A | Research

2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica
January 30, 2025January 30, 2025

Enverus Intelligence Research (EIR), a subsidiary of Enverus, issued a summary of the fourth quarter and full-year 2024 upstream M&A (mergers and acquisitions) activity yesterday. Two of the top five M&A deals include deals in the Marcellus/Utica. Coming in at #3 on the list was EQT’s sale of non-operated assets to Equinor for $1.25 billion in October (see EQT Sells Remaining Nonop Assets in NE Pa. for $1.25 Billion). Coming in at #5 on the list was CNX Resources’ purchase of Apex Energy for $505 million in December (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Read More “2 of Top 5 Upstream M&A Deals in 4Q Were in the Marcellus/Utica”
Apex Energy | CNX Resources | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Westmoreland County

CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets
January 28, 2025January 28, 2025

In December, CNX Resources announced it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. The Apex assets are close to, in some cases adjacent to, CNX’s considerable assets in the region. As of yesterday, the deal is complete. Apex Energy II is no more. Read More “CNX Closes Deal to Buy Apex Energy for $505M, Adds SWPA Assets”
Antero Resources | Chesapeake Energy | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | EQT Corp | Gulfport Energy | Range Resources Corp | Seneca Resources

Gas Drillers Had Best Shareholder Returns in 2024; Investor Love
January 21, 2025January 21, 2025

The experts at RBN Energy recently analyzed the Q3 2024 financial results for the gas-focused producers the company tracks (mainly Marcellus/Utica producers). The gas-weighted E&Ps RBN follows had the best total shareholder return performance of the three peer groups they tracked through the first nine months of 2024, with a median gain of 14%. On the high side, CNX Resources’ share price was amazing, up more than 60% for the first nine months of last year. On the other end, Coterra Energy’s share price lost value. Read More “Gas Drillers Had Best Shareholder Returns in 2024; Investor Love”
Apex Energy | CNX Resources | Energy Companies | Industrywide Issues | M&A | Pennsylvania | Westmoreland County

CNX Issuing New Notes for $200M to Help Fund Purchase of Apex
January 14, 2025January 14, 2025

CNX Resources announced in December that it had struck a deal to buy the assets of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for $505 million (see CNX Resources Buys Apex Energy for $505M, Adds Pa. M-U Assets). Apex owns wells, acreage, and pipelines in Westmoreland County, PA. Its assets are close to (in some cases adjacent to) CNX’s considerable regional holdings. The deal is expected to close in the first quarter of 2025. However, CNX needs more money to help fund it. Read More “CNX Issuing New Notes for $200M to Help Fund Purchase of Apex”
Apex Energy | CNX Resources | Energy Companies | Industrywide Issues | Litigation | Pennsylvania | Regulation | Westmoreland County

Anti-Shale Group Continues to Try and Block Apex Wells in SWPA
January 3, 2025January 3, 2025

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 and Huntley & Huntley (now Olympus Energy) to drill and operate shale wells. Protect PT finally struck out (legally) at the Pennsylvania Supreme Court in May 2020 (see Penn Twp Frack Ban Case Strikes Out at PA Supreme Court). However, Protect PT soldiered on (with Big Green $$), even after its crushing Supreme Court defeat. Apex Energy proposed drilling two wells (the Drakulic Well project) on a pad in a rural part of Trafford, PA, a boro straddling Allegheny and Westmoreland counties. Protect PT challenged the original permits and a time extension of the permits (see PA EHB Allows “Narrow” Appeal of 2 Apex Energy Well Permits). We are nearly a year later, and the case still plays out. A hearing is set for Jan. 15 to examine whether the Pennsylvania Department of Environmental Protection (DEP) lawfully issued drilling permits to Apex Energy. Read More “Anti-Shale Group Continues to Try and Block Apex Wells in SWPA”
Antero Resources | Ascent Resources | Beaver County | CNX Resources | Coterra Energy (Cabot O&G) | Energy Companies | Guernsey County | Lycoming County | Ohio | PennEnergy Resources | Pennsylvania | Pennsylvania General Energy | Seneca Resources | Susquehanna County | Tioga County (PA) | Tyler County | Weekly Permits | West Virginia | Westmoreland County

22 New Shale Well Permits Issued for PA-OH-WV Dec 9 – 15
December 20, 2024December 20, 2024

For the week of Dec 9 – 15, permits issued in the Marcellus/Utica remained healthy. There were 22 new permits issued last week, down just a bit from the 28 issued the week before. The Keystone State (PA) issued 17 new permits, with the bulk of them, 11, going to a single driller, PennEnergy Resources, for a single pad in Beaver County. Seneca Resources scored three new permits in Tioga County. One permit each was issued to Pennsylvania General Energy (Lycoming County), Coterra Energy (Susquehanna County), and CNX Resources (Westmoreland County). Read More “22 New Shale Well Permits Issued for PA-OH-WV Dec 9 – 15”
Allegheny County | Antero Resources | Ascent Resources | Blackhill Energy | Bradford County | Centre County | Chesapeake Energy | CNX Resources | Energy Companies | EOG Resources | EQT Corp | Harrison County | Inflection Energy | Jefferson County (PA) | Lycoming County | Ohio | Olympus/Huntley & Huntley | Pennsylvania | Washington County | Weekly Permits | West Virginia | Westmoreland County | Wetzel County | Wyoming County (PA) | XPR Resources

28 New Shale Well Permits Issued for PA-OH-WV Dec 2 – 8
December 13, 2024December 13, 2024

For the week of Dec 2 – 8, permits issued in the Marcellus/Utica bounced back nicely. There were 28 new permits issued last week, more than doubling the 12 issued the week before (and matching the 28 issued three weeks ago). The Keystone State (PA) issued 18 new permits, with eight going to EQT spread across three counties: Jefferson, Lycoming, and Washington. Chesapeake Energy (now Expand Energy) received four permits, all of them in northeastern PA’s Wyoming County. CNX Resource scooped up two permits, both in Westmoreland County. The final four permits were singles issued to Blackhill Energy (Bradford County), XPR Resources (Centre County), Inflection Energy (Lycoming County), and Olympus Energy (Allegheny County). Read More “28 New Shale Well Permits Issued for PA-OH-WV Dec 2 – 8”