CNX Resources Revises 2024 Production Forecasts

(RTTNews) - Tuesday, CNX Resources Corp. (CNX) revised its operational plans and financial guidance due to sustained low natural gas prices.

CNX now forecasts its production volumes for 2024 to be within the range of 540-560 billion cubic feet equivalent or Bcfe, a decrease of roughly 30 Bcfe from its earlier projection midpoint. Despite this revision, the company retains the option to reach its long-term production goal of about 580 Bcfe by 2025.

The company has also chosen to postpone completion activities on three Marcellus Shale pads, which consist of 11 wells, to prevent adding more supply to the already saturated market.

Additionally, CNX has modified its projected total capital expenditures for 2024 to be in the range of $525 million to $575 million, marking a $50 million decrease from the midpoint of its prior guidance range.