CNX Q1 Lost $198M, Generated $100M in FCF, 19 Wells Added Online
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”
Corporate welfare—the transfer of taxpayers’ money to businesses—is ugly, no matter if the money goes to large or small businesses. True to form, Pennsylvania’s Democrat Governor, Josh Shapiro, and his political operative at the Department of Environmental Protection (DEP), “Acting” Secretary Jessica Shirley, yesterday launched a program to try and spread nearly half a billion dollars of taxpayer’s money from the misnamed Inflation Reduction Act (Biden’s Green New Scam) to businesses large and small in the Keystone State. They euphemistically call the program RISE PA (Reducing Industrial Sector Emissions in Pennsylvania). It should be called “Spread Taxpayer Dollars to Buy Votes” (STD BV). 
Pennsylvania Governor Josh Shapiro has found some willing accomplices among PA House Democrats to introduce six bills to implement Shapiro’s nutty, very partisan energy plan, called the “Lightning Plan.” Shapiro claims his so-called Lightning Plan is “a comprehensive, all-of-the-above energy plan to secure Pennsylvania’s energy future.” Except his plan puts the thumb of the government on the scales in favor of wind, solar, and hydro, and purposely disadvantages natural gas. Our observation: If it takes six (or more) bills to adopt his energy plan, something is seriously wrong. 
We spotted a press release that caught our attention. Duke Energy, owner of electricity utility companies serving 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky, has just sealed a deal with GE Vernova to buy up to 11 7HA gas turbines to power new gas-fired power plants. That’s in addition to eight 7HA turbines Duke has already purchased from GE Vernova. While the timing for deliveries was not specified, the announcement implies that Duke is getting its turbines sooner rather than later, which is saying something because lately there has been a years-long waiting list for these types of turbines. And yes, there is a connection to the Marcellus/Utica. 
Yeah, it happened. And we’re not happy about it. Yesterday, the NYMEX “front month” futures contract for May sank below and stayed below $3/MMBtu, closing at $2.930/MMBtu, some 9.2 cents lower than the closing price from the day before. It was the lowest settlement price since Friday, Nov. 15, 2024. The spot price for physically traded natural gas slipped, too. If there was any bright spot, the NGI Appalachia Regional Average price, an average of all the spot price trades in the Marcellus/Utica region, gained a penny yesterday. 
NATIONAL: Williams announces Chief Operating Officer appointment; AccuWeather looks at wildfire risk for USA oil, gas in 2025; The United States operates the world’s largest nuclear power plant fleet; Energy secretary aims to reassure oil bosses amid trade war; Trump emergency order accelerates oil and gas permitting; I voted to eliminate ROFR, and that was unwise; INTERNATIONAL: Oil gains as supply tightness counters trade concerns; Russia oil drilling at fastest pace in 5 years as curbs ease. 
Yesterday, MDN brought you the big news that EQT is buying out and merging in Olympus Energy (see 
Range Resources issued its first quarter 2025 update yesterday. Range produces a significant volume of NGLs (ethane and propane), in addition to methane (natural gas). Range CEO Dennis Degner told analysts yesterday that, no matter “how the tariff dust settles,” demand is expected to be “relatively strong” for its U.S. East Coast volumes of NGLs. Degner said that 80% of Range’s propane (LPG) production is exported by ship. “And all of it is going to Europe right now,” he said. “So we really don’t have a current exposure to the Chinese market.” Smart company. 
The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its completely dysfunctional and irresponsible cousin, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use for responsible and safe shale drilling. The SRBC published a notice in the April 19 Pennsylvania Bulletin that the Executive Director of the SRBC gave his approval to or renewed 58 general water use permits in March for individual shale gas well drilling pads in Blair, Bradford, Clearfield, Lycoming, Susquehanna, Tioga, and Wyoming counties in Pennsylvania. 
Compressor Station 165 in Pittsylvania County (in southern Virginia) is part of the Transco pipeline network, the nation’s largest-volume interstate natural gas pipeline system. CS 165 is also the endpoint of the Mountain Valley Pipeline, which carries 2 Bcf/d of natural gas from the Marcellus and Utica Shale from Wetzel County, WV, to Pittsylvania County, VA. Williams, the owner of Transco, replaced an aging fleet of engines at CS 165 with new turbines that decreased emissions and took up far less space. Enbridge, another major midstream company, is replacing hundreds of flow meters with newer models, which deliver much better information to the company in real-time. 
This is TOO funny! Donald Trump so rattles the fascist climate left, they’re now imagining things that haven’t and won’t happen. Someone on the environmental left spread a rumor last week that the Trump administration was about to issue an executive order revoking the tax-exempt status of so-called “green” groups, those that employ lawfare to attack the U.S. and its energy industry. You know, groups like the Sierra Club, 350.org, Food & Water Watch, National Resources Defense Council, Environmental Defense Fund, and others. They’re jumpy, like they’re on drugs. (Well, some of them probably are.) The rumor spread like wildfire among the guilt-ridden groups that Trump was coming for their tax-exempt status. And then the White House said nope, it’s all just a fantasy of the jumpy left. 
The rumor mill was right. In February, MDN brought you the juicy rumor that Olympus Energy, founded in 2012 as Huntley & Huntley Energy Exploration (a company that drills exclusively in the Pittsburgh suburbs), was being shopped for sale by its main financial backer (see 
In January, MDN reported that the PJM Interconnection electrical grid operator, covering Pennsylvania (along with all or parts of 12 other states and the District of Columbia), had caved to the political demands of PA Gov. Josh Shapiro to artificially cap the prices of the next capacity auction scheduled for July 2025 (see