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CNX Resources Guts 2020 Capital Budget; Down -42% vs 2019
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CNX Resources provided a update on its 3Q 2019 operations. Here is quick read through
During the third quarter of 2019:
Production in the quarter was 1.3 BCFE/d up 8% Year over year, and down 2% sequentially. 94% of 2020 production hedged at $2.97 2020 total E&P capital budget of $490 - $550 On a consolidated basis, the company reported net income of $144 million for the 2019 third quarter, compared to net income of $147 million in the third quarter of 2018. Capital expenditures were $336 million, compared to $297 million spent in the year-earlier quarter. Turned-in-line 24 wells. New 2020 Capital Program"CNX accomplished a number of significant items in the third quarter: production costs and capital came in better than expected; we reconfigured our workflows and now expect $25…
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