Top Story | First Quarter (1Q) Update | Capital Markets | Capital Expenditure | 2024-Capex-Wells-Fracs
CNX Resources Cut Frac Activity 50%, Talks 1st Quarter Activity
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CNX Resources a marcellus operator provided an update on its first quarter 2024 activity.
Activity quick Read
- Reduced to 1 rig - Reduced from dedicated frac crew to a 1/2 (partially utilized completion crew) reduced capex.Operational Update.
During the quarter we drilled 14 Marcellus Shalewells with an average lateral length of approximately 16,500 feet, including a 5-well pad with an average lateral length of approximately 19,700 feet. The company’s four planned Marcellus Shale well turn-in-lines came on ahead of schedule and underpinned our production results for the quarter of 140 Bcfe.
On March 12, 2024, we issued a guidance update indicating that we elected to delay completion activities on three Marcellus Shale pads consisting of 11 wells due to the challenging near term gas…
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