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.
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