CNX Finalizes $505 Million Acquisition of Apex Energy Assets in Appalachian Basin
(P&GJ) — CNX Resources Corp. has completed its $505 million acquisition of Apex Energy II LLC’s natural gas upstream and midstream assets in the Appalachian Basin. The deal, subject to certain adjustments, has an effective date of October 1, 2024.
The acquisition strengthens CNX's position in the stacked Marcellus and Utica shale formations, adding undeveloped leasehold acreage and infrastructure that supports future development. The company expects the transaction to immediately enhance its free cash flow per share.
"We look forward to demonstrating the unique CNX approach to operations and community relations to these new communities within the Apex footprint," CNX president and CEO Nick Deiuliis said. "We place a high priority on closely collaborating with our operating communities, local officials, and directly with residents to understand their needs and concerns."
Deiuliis highlighted CNX's Radical Transparency initiative, which provides real-time environmental monitoring and disclosure in collaboration with Pennsylvania Governor Josh Shapiro and the state Department of Environmental Protection.
"This initiative offers local communities and residents an even greater level of transparency into our operations, which we believe is second to none in our industry. We look forward to bringing the Apex assets into the CNX family," he added.
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