CNX Resources Delays Production Activities, Expects Volume Decline Amid Weak Gas Prices
(Reuters) — U.S. energy firm CNX Resources said on Tuesday it expects lower production volumes in 2024 as it is delaying some well completion activities amid weak natural gas prices.
Producers of natural gas are curbing their output and spending on drilling activity as an oversupplied market has brought prices of the commodity down to multi-decade lows.
The company said it expects 2024 production volumes to be between 540 and 560 billion cubic feet equivalent (Bcfe), a decrease of about 30 Bcfe from the midpoint of its previous forecast.
CNX said it would delay completion activities on three upcoming Marcellus Shale pads consisting of 11 wells.
Additionally, the company added that it expects 2024 total capital expenditures to be between $525 million and $575 million, a $50 million reduction from the midpoint of the previous forecast.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- TC Energy Approves $900 Million Northwoods Pipeline Expansion for U.S. Midwest
- EIG’s MidOcean Energy Acquires 20% Stake in Peru LNG, Including 254-Mile Pipeline
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
- Argentina's YPF Drops Plan for Land-Based LNG Plant, Will Rely on Floating Facilities
Comments