CNX Resources Corp., Pittsburgh, will delay completions activities on three upcoming Marcellus shale pads consisting of 11 wells in response to the continued lower outlook for near term natural gas prices, the company said in a release Mar. 12.
The change, “to avoid bringing incremental volumes into the current oversupplied market,” the company said, will result in a reduction of production volumes from previously stated guidance.
CNX Resources now expects 2024 production volumes of 540-560 bcfe, a decrease of about 30 bcfe from the midpoint of the previously stated guidance range. The operator said it maintains the flexibility to return to its previously stated long term production volume target of about 580 bcfe in 2025.
Total capital expenditures for the year have been reduced by $50 million from the midpoint of the previously stated guidance range to $525-575 million.
