CNX reiterates 2025 guidance, will monitor market conditions

CNX Resources Corp., Pittsburgh, reaffirmed its total 2025 production volumes at 605-620 bcfe and 2025 capital expenditures of $450-500 million, noting it will continue to execute its planned activity set for the remainder of the year while watching market conditions through the coming months. 

The management team reiterated operational plans as part of the company’s first-quarter 2025 earnings report and indicated an expected lull in operational activity from this year’s second quarter to the third quarter.

In a call with analysts on Apr. 24, CNX Resources chief financial officer Alan Shepard commented on the 19 wells turned-in-line (TIL) in the year’s first quarter, reiterating the activity as in-line with previously announced plans to front-load a larger portion of completions activity.   

With that, "you'll see a few more drills in Q2, and probably a lull in Q3, and then some additional drills coming in in Q4,” he said. 

Speaking on activity flexibility given volatility in gas prices, Shepard said there are no planned changes to the activity set at this point. “We'll kind of watch it through this part of the shoulder season here and see where end-of-summer storage is targeting and go off that as our cue.” 

In this year’s first quarter, CNX Resources completed drilling one deep Utica well with a lateral length of about 14,200 ft and four Marcellus wells with an average lateral length of about 15,300 ft. 

As noted, the company had 19 TILs, including nine Marcellus wells, two deep Utica wells, and the eight-well Marcellus pad acquired in its $505-million deal with Apex Energy II LLC (OGJ Online, Dec. 5, 2024).

As for the eight Apex TILs, Navneet Behl, chief operating officer, said the wells are producing better than expected and that the company is optimistic about their long-term production.