CNX Resources reduces FY24 production volume, capital expenditures outlook

CNX Resources announced an operational and guidance update. In response to the continued lower outlook for near term natural gas prices, the company will delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the current oversupplied market. The company expects 2024 production volumes to be between 540-560 Bcfe, a decrease of approximately 30 Bcfe from the midpoint of the previously stated guidance range. Additionally, the company maintains the flexibility to return to its previously stated long term production volume target of approximately 580 Bcfe in 2025. Total capital expenditures: The company expects 2024 total capital expenditures to be between $525M-$575M, a $50M reduction from the midpoint of the previously stated guidance range.