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CNX Slashes Spending, Drilling for 2020; Talks Q4 Results
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CNX Resources has detailed its 2020 capital plans.
2020 PlansFor 2020, the company is reducing its full-year capital guidance by $40 million, primarily due to plan optimization and streamlined activity. This equates to a ~47% decline YOY at the midpoint.
CNX is updating 2020 production volumes to 525-555 Bcfe, compared to the previous guidance of 535-565 Bcfe.
The company increased 2020 adjusted Stand-Alone EBITDAX guidance despite an anticipated reduction in volumes, which the company expects to be offset by an increase in expected total realized price and payment associated with the IDR Elimination Transaction. The updated guidance assumes 10 Bcfe less production volumes in 2020, compared to the previous guidance update.
For 2020, the company is reducing its full-year capital guidance…
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