Drilling & Completions | Quarterly / Earnings Reports | First Quarter (1Q) Update | Drilled Uncomplete (DUC) | Drilling Activity
CNX Sees Meager Output Increase Despite More Spending; DUCs to Fuel 2020 Growth
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CNX Resources reported its Q1 2019 results.
Despite ~30% Spending Increase, Output Only Up +3%
- Capital expenditures for Q1 were $299 million, compared to $232 million spent in the year-earlier quarter.
- Sales volumes of 133 Bcfe, or an increase of 3% YOY
- 5 rigs running / 9 wells drilled
Focusing on Cash Flow, DUC Inventory for 2020
Nicholas J. DeIuliis, president and CEO, said: "Our updated activity set and capital program is positioning the company to deliver approximately $500 million in free cash flow in 2020.
"Our 2019 capital program coupled with completing and turning-in-line the drilled but uncompleted (DUC) wells in 2020, delivers 2020 production growth of approximately 10%, compared to the midpoint of the 2019 guidance. This would result in substantial free cash flow under the forward strip, which is protected by our considerable hedge book. We expect to deploy that free cash flow across three options: incremental 2020 activity at high internal rates of return (IRRs), debt reduction, and/or additional share buybacks."
Ops Update: Five Rigs, Nine Wells
During the quarter, we used up to five horizontal rigs and drilled nine wells. Many of the rigs are being utilized in batch drilling on pads that in some cases have stacked pay development.
During the quarter, the company utilized two frac crews to complete 14 wells, which included: 7 Marcellus Shale wells in Greene County, Pennsylvania; and 7 Marcellus Shale wells in Washington County, Pennsylvania.
CNX turned-in-line 18 wells in the first quarter, which included: 13 Marcellus Shale wells in Greene County, Pennsylvania; and five Marcellus Shale wells in Washington County, Pennsylvania.
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