CNX Resources | Energy Companies | Industrywide Issues | Pennsylvania | Pipelines | Regulation | Westmoreland County
Temporary Setback for CNX Gas & Water Pipeline Project in SWPA
CNX Resources filed a request with the Pennsylvania Dept. of Environmental Protection (DEP) in April 2023 to build two pipelines — two for natural gas — along a 13.9-mile route in Bell, Loyalhanna and Salem Townships in Westmoreland County. An additional 4-mile pipeline would be built for water. Called the Slickville Trunkline Project, the DEP told CNX last December (yes, it took the agency eight months to reply!) that the application was “incomplete” and that CNX had 60 days to provide the extra info.
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There were 18 new permits issued to drill in the Marcellus/Utica during the week of Feb. 19 – 25, up from 13 permits issued the prior week. Pennsylvania issued 8 new permits last week. Ohio issued 9 new permits (after issuing none the week before). West Virginia issued just 1 new permit last week. Encino Energy took the prize for the most permits issued with 9 permits, all for Carroll County, OH. Repsol had the second most permits with 5 issued for Bradford County, PA. Everyone else had a single new permit: Beech Resources (Lycoming County, PA), Chesapeake Energy (Bradford County, PA), CNX Resources (Westmoreland County, PA), and HG Energy (Lewis County, WV).
Wow! Where does the time go? In April 2021, CNX Resources Corp. announced instead of just blowing smoke about ESG (environmental, social, governance) with pretty slide shows and hoopla, they would donate $30 million to local, underserved communities and populations in the tri-state region (see 
Last November, 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 
Yesterday, CNX Resources issued its fourth quarter and full year 2023 update. The company’s earnings totaled $537.83 million, or $2.89 per share in 4Q23. That compares with $1.17 billion, or $5.68 per share, in last year’s fourth quarter (down 54%). CNX’s revenue for 4Q23 fell 39% to $999.56 million from $1.64 billion last year. On the plus side of the ledger, CNX’s production was 146.9 Bcfe (billion cubic feet equivalent) in 4Q23 (1.6 Bcfe/d), bringing the full-year total to 560.4 Bcfe of production — approximately 5 Bcfe above the high end of the company’s previously announced full-year guidance range. Production one year ago (in 4Q22) was 140.6 Bcfe — meaning 4Q23 production was about 4.5% higher.
In November, the Municipal Authority of Westmoreland County (MAWC) issued a water conservation warning asking more than 56,000 MAWC customers to conserve water due to the lack of rainfall and the low level of the Beaver Run Reservoir (see 
One of our favorite Marcellus/Utica people is Nick Deiuliis, CEO of CNX Resources. Apart from Nick’s great work in leading CNX, he is also a writer and thinker. Like a few others, he understands political and philosophical issues related to energy. And Nick isn’t afraid to “say it straight.” Nick is in the process of releasing three videos called “A Rational Thinker’s Guide to Climate Change and Related Policies.” We previously brought you Part 1, Diagnosing the Problem and Issue (see 
We have a special treat for you today. One of our favorite Marcellus/Utica people is Nick Deiuliis, CEO of CNX Resources. Apart from the great work Nick does in leading CNX, he is also a writer and a thinker. He understands the political and philosophical issues related to energy like few others. And Nick isn’t afraid to “say it straight.” Last week, Nick released the first of three videos (embedded below) called “A Rational Thinker’s Guide to Climate Change and Related Policies.” In Part One of the “Rational Thinker’s Guide” trilogy, Nick argues that the most pressing issue of our time is the inept policies being pushed on society by the climate alarmist movement.
How was 2023 with respect to the return on investment (ROI) in the stocks of gas-focused (largely Marcellus/Utica) drillers? Of the three classes of O&G companies — oil-focused, diversified, and gas-focused — it was the gas-focused drillers who had the best stock returns in 2023, according to an analysis by RBN Energy. Gas-weighted E&Ps posted a 7% median gain last year, according to RBN. Most of the companies in RBN’s list of gas-focused drillers have major operations in the M-U. Let’s have a look at how each one did.
Friday afternoon, CNX Resources issued a press release to announce it is officially pulling out of the previously announced multi-billion-dollar clean ammonia manufacturing facility in southern West Virginia, part of the ARCH2 (Appalachian Regional Clean Hydrogen Hub) project. Adams Fork Energy, Haldor Topsoe, and CNX announced the project in April with much fanfare (see 
It’s been a financial roller coaster for oil and gas drillers over the past 15 years. Investors in shale oil and gas companies suffered for years with little or no returns for their invested money. Five of eight large Marcellus/Utica drillers saw their share prices decrease by an astonishing 85% or more from 2008 to 2019 (see