CNX Resources reports 2023 year end reserves

CNX Resources announced its year-end reserves update as of December 31, 2023. The company reported 2023 total proved reserves of 8,741 Bcfe, comprised of 6,028 Bcfe of proved developed reserves and 2,713 Bcfe of proved undeveloped reserves. Development activity in 2023 converted 819 Bcfe of proved undeveloped reserves, achieving a 1.46x proved developed replacement ratio. Average EUR of proved undeveloped reserves in Marcellus and Utica shales of 2.57 Bcfe and 2.73 Bcfe per thousand feet of completed lateral, respectively. Upward proved reserves adjustments of 467 Bcfe due to positive well performance and other changes, primarily offset by downward adjustments of 709 Bcfe due to the SEC five-year booking rule and 465 Bcfe due to lower commodity prices. Proved developed reserves reported at 6,028 Bcfe, or a decrease of 193 Bcfe, compared to 2022. This decrease was driven by production, asset sales during the year, and commodity price adjustments affecting the long-term tail production economics; offset in part, by the conversion of undeveloped reserves.