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Scotia Howard Weil 2018 Energy Conference – CNX Resources

CNX Resources · Mar 27, 2018 · 84 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 1
    Scotia Howard Weil 2018 Energy Conference Nick DeIuliis March 27, 2018
  2. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 2
    Agenda Strategic Overview Nick DeIuliis Operational Update Chief Executive Officer Business Forecast 3
  3. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 3
    Strategic Overview
  4. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 4
    154-Year Legacy is a Competitive Advantage The Dominion The vast Industrialist assets CNX interwoven Andrew Mellon acquired in 2010 financed the nature of trace their roots consolidation of the CNX to the late 1800s the coal…
  5. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 5
    Asset Base Creates Compelling Value Creation Opportunity Net Marcellus Acres / Reserves to % Operated Proved Reserves Large Net Utica Acres(1) Production (years) Contiguous Acreage 531,000 / 95.5% 18.6 7.6 Tcfe Position 652,000…
  6. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 6
    The CNX Strategy is to Grow NAV/Share via Capital Allocation Key drivers of the strategy: Methodical execution driving IRR and EBITDAX growth Basin disruption through stacked pay development Top-tier balance sheet…
  7. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 7
    Methodical Execution Driving IRR and EBITDAX Growth Expected Five-Year Plan Portfolio Economics Drill Bit Investment Driving EBITDAX Growth 80% 75% 2,000 70% 60% 1,500 50% in millions IRR (%) 40% 38% 1,000 30%…
  8. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 8
    Stacked Pay Development Will Disrupt the Appalachian Basin Stacked pay provides 30% CNX has a non-replicable asset base increase to total field NPV allowing for stacked pay development Stacked pay drives superior IRRs through economies…
  9. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 9
    Top Tier Balance Sheet Strength Drives Capital Optionality STEADY STATE DRILL BIT 2.5X LEVERAGE RATIO ROBUST HEDGE BOOK & IRR SHARE COUNT REDUCTION FT STRATEGY ANALYSIS DISCRETIONARY CASH FLOW ASSET MONETIZATIONS BOLT-ON…
  10. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 10
    Leverage Ratio Capacity Allows for Share Count Reduction Growing EBITDAX Creates Natural Capacity Available Capacity Reinvested within 2.5x Leverage Ratio in Share Count Reduction 3.0x Cumulative available capacity of 2,500 250 10,000…
  11. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 11
    CNXM 15% Distribution Growth De-Risked CNXM Distributable Cash Flows by Source Expected CNXM Distributions to CNX 2017-2022E 2017-2022E 140 300 130 120 250 103 100 200 80 in millions 80 in millions 150 60 60…
  12. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 12
    Operational Update
  13. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 13
    Richhill (RHL): Stacked Pay Development Premier stacked pay field in SWPA Central - CNX expects to develop wet Marcellus laterals in the northern corridor first - While the northern Marcellus corridor is being developed, two dry Utica…
  14. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 14
    CPA Dry Utica Update: Aikens 5J and 5M Aikens Wells EURs at 3.7 Bcf/1000 Aikens 5J 30000 Located in Westmoreland County, PA (CPA South 25000 region); two wells offsetting successful Gaut 4IH well Rate (Mcf/d) 20000 Average…
  15. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 15
    Peer Firm Transportation Benchmarking Total FT and Processing Commitments Total FT Commitments + 2018E Adjusted Net Debt(1)(2)(3) 18.4 21.7 18.7 11.6 12.2 8.9 10.8 7.1 5.6 3.7 1.8 2.1 2.7 1.1 CNX Peer 1 Peer 2 Peer 3 Peer…
  16. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 16
    Business Forecast
  17. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 17
    Shift to SWPA and Stacked Pay: Surplus Core Marcellus Inventory 450 3.5 400 TILs 46 350 3.0 Stacked Pay Factory TILs 55 up and running 300 TIL Locations 2.5 Net SWPA TILs 73 250 Central Marcellus 2.0 200 Inventory…
  18. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 18
    Strategy Resulting In Substantial EBITDAX Growth Expected EBITDAX 2018E-2022E(1) 2,000 1,800 1,600 1,400 1,200 in millions 1,000 800 600 400 200 0 2018E 2019E 2020E 2021E 2022E Low High (1) Based on…
  19. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 19
    Drop Inventory Drives Meaningful Upside to CNXM 15% Growth CNX Retained Undropped EBITDA including Potential Drop Candidates 2017 vs. 2020E Potential Candidates 2018E-2020E 200 CONVEY Water Business Existing DevCos 150 Primarily…
  20. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 20
    Appendix
  21. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 21
    Three-Year Drill Schedule and Estimated Reserves Growth Rig Schedule 2018E-2020E Reserve Growth and Estimates 2015-2022E 2018 2019 2020 16,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 14,500 Rig 1 14,000 Rig 2 12,000 12,000 12,500 Rig…
  22. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 22
    Three-Year Development Plan 2018E 2019E 2020E ( in millions) TD FRAC TIL Capex TD FRAC TIL Capex TD FRAC TIL Capex SWPA Marcellus 62 48 46 60 52 55 71 78 73 Central Utica 3 1 1 19 14 14 27 28 28 WV Marcellus 5 5 5 10 10 7 15 11 11…
  23. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 23
    Type Curve Guidance Areas Refined For Modeling Accuracy Type curve (TC) guidance areas refined to present more accurate characteristics of acreage - Went from five TC regions (SWPA, CPA, WV, and OH Dry & Wet) to now eight (SWPA:…
  24. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 24
    Development Areas in Three-Year Plan OH Dry CPA South Utica Utica SHR/PENS SWPA Central Marcellus Marcellus and Utica 25
  25. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 25
    PDP Performance Drives Low Maintenance Capital PDP Base Decline % Maintenance Capital 900 35% Possible Cumulative FCF of 1.4 billion 800 2019E-2022E 30% 700 600 in millions 25% Possible FCF at (1) 500 Maintenance…
  26. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 26
    SWPA Central: Focus of Activity in Three-Year Plan Morris Production Legacy vs. Now SWPA Marcellus TILs: 2017 vs. Three-Year Plan 80 73 70 60 55 50 46 TILs 40 30 20 11 10 0 2017 2018E 2019E 2020E Average EUR/1,000…
  27. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 27
    Perfect Pad to Create Stacked Pay Benchmark in 2019 Process Cellar technology construction allows for subsurface well heads Prior Target for faster return Days Days 120 90 Dry month construction 3D seismic drives well bore…
  28. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 28
    Two Pipe Gathering System Creates Flexibility in DevCo I Industry Standard One-Pipe System CNX DevCo I Two-Pipe System New Pad New Stacked Pay Pad (High Pressure) (High Pressure and Low Pressure) As new high pressure wells are TIL,…
  29. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 29
    Blending Strategy Helps Drive DevCo I Stacked Pay Economics 1200 Damp acreage requires processing to meet Requires Processing Wet Marcellus Gas BTU specifications 1150 Damp Marcellus Gas BTU Content 1110 Dry Tariff Line…
  30. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 30
    SWPA Utica: Very Strong Early Results from Richhill 11E Richhill 11E SWPA Utica well currently flowing above 3.2 Bcfe/1000 type curve Most Recent SWPA Utica Well Drilled through series of natural fracture clusters, which were on Path…
  31. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 31
    Stacked Pay Creates Substantial Uplift Beyond Longer Laterals 25,000 140 Stacked pay PV10 is 4.4x unstacked pay 120 PV10(1) 20,000 PV10 ( in thousands) 100 Longer lateral PV10 is 1.9x shorter lateral 15,000 PV10(1) 80…
  32. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 32
    Stacked Pay: Pad Level Benefits SWPA Central stacked pay development of Utica and Marcellus yields the highest NAV/share Pay zone specific drilling & completion assignment reduces capital and increase efficiencies Pay zone…
  33. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 33
    Stacked Pay: What are the Main Advantages Reduces capital - Pre-spud capital nearly eliminated for second formation Stacked Pay Pad Economics Example 350 140% - Use existing fuel gas to power D&C operations Reduces cycle times 300…
  34. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 34
    Track Record of Success: History of Monetizing Assets Annual average of 600 million in asset monetization Asset Sale Totals by Year from 2014-2017 4,500 414 million in assets sold in 2017 4,000 2018 effort continues 3,500 -…
  35. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 35
    SOG Sale Drives Continued Reduction in Legacy Liabilities Conventional Shallow Oil and Gas (SOG) assets sold in SOG Wells Included in Sale West Virginia and Pennsylvania, including CBM(1) Agreement signed mid-February - Expected close…
  36. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 36
    Virginia Coalbed Methane (CBM): Upstream Low Risk Proven IRR 270,000 contiguous acres, 100% WI 88% HBP, 87.5% NRI 4,000 PDPs at 165 MMcf/d 2017 EBITDA of 100 million Future Potential 4,300 potential undeveloped CBM locations…
  37. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 37
    Ohio Utica Joint Venture Overview Low Risk, Mature Development 65% fee ownership, 46.5% avg. NRI (93% gross JV NRI) 31 gross operated JV wells (Noble County) 65 gross non-op JV wells, 47 non-op gross 3rd party wells 36,000 gross…
  38. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 38
    De-Risked CNX Midstream Growth Driving CNX Upside CNXM Distributable Cash Flows by Source 2017-2022E 300 Ability to sustain 15% CNXM 250 distribution growth is projected without additional asset drops 200 in millions 150…
  39. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 39
    CONVEY: CNXs Water Business Projected Water Infrastructure: YE2018 PA WV OH Total Cumulative Water System CapEx 219 94 17 330 ( millions) Water Pipelines (miles) 189 79 33 301 Water Storage Facilities (MMBbl) 1.2 0.6 0.3 2.1…
  40. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 40
    CONVEY: Major Projects Wadestown Development SWPA Water Build Out 65 million - 5 year CapEx spend NPV 165 million, IRR 120% Initial water infrastructure buildout 38 miles of new water infrastructure Eliminates seasonal water…
  41. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 41
    CONVEY: Drives High Distribution Growth Rate 55 million water EBITDA at proposed rates in 2018(1) Driven by margin on CNX fresh, reuse, and disposal rates Steady Water EBITDA Growth(1) Final rates to be determined at time of drop…
  42. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 42
    Drop Down Inventory: Wadestown Wadestown: Five-Year Investment Outlook Greenfield Marcellus and Utica dedication in DevCo III Wadestown: Proposed Pipeline Buildout Wadestown metering and regulation Facility - New 1.2 Bcf/d Dominion…
  43. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 43
    Drop Down Inventory: Central PA Midstream Buildout Central PA Utica: Five-Year Investment Outlook Currently undedicated to any midstream company Recent dry Utica well results proving commercial viability Opportunity to be first-mover…
  44. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 44
    Virginia Coalbed Methane: Midstream (Cardinal States Gathering) Best-in-Class and Location Interconnects TransCanada TCO pipeline to premium Enbridge ETNG pipeline system As is 40% of the 250 MMcf/d capacity available to gather 3rd…
  45. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 45
    CNX Midstream Ownership Valuation CNX Midstream drives value CNX Midstream Value to CNX CNXM Represents Significant Growth for CNX in through four main avenues ( in millions, except per share data) 2018E 2020E both IDRs and Retained…
  46. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 46
    Firm Transportation Strategy Three-Filter Test for Taking on New FT Transportation, Gathering, & Processing 20.0 Commitments and Differentials(2) - 18.0 Total Obligations ( in billions) 1 Do we need it to get it to a liquid…
  47. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 47
    Liquidity of In-Basin Markets Negates Need for FT It is no longer essential to have in-basin FT capacity to sell gas due to the liquidity of the in-basin markets Gas can be reliably sold on M2 without taking on unnecessary and…
  48. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 48
    Differentiated Firm Transportation Portfolio Avg. Demand 1,600 Cost (/Dth) (000s Dth/d) 2018E 2018E 1,400 M2 DOM South 345 M3 WLA ETNG 201 1,200 ELA Michcon TCO Pool 475 1,000 Michcon 162 000s MMBtu/d TETCO ELA 30 800 TCO…
  49. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 49
    Natural Gas Basis Risk and Financial Reporting Clarity Fully-hedged volumes provide revenue certainty and Basis hedging and hedge reporting example de-risks capital expenditures October NYMEX settles 3.30 & M2 Basis settles (1.10); CNX…
  50. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 50
    Power Plants and LNG Driving Demand Growth 14.7 Bcf/d incremental demand from gas fuel type 13.9 Bcf/d LNG Export capacity by 2022 power plants by 2025 An additional 11.6 Bcf/d is proposed without a target in-service CNX acreage in the…
  51. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 51
    NE Expansion Projects Remove Export Bottleneck Pipeline Expansion Project Takeaway Capacity 20 18 16 Supply Header Project 14 Atlantic Coast Pipeline 12 WB Xpress Mountaineer Xpress Bcf/d 10 PennEast 8 Nexus Project 6…
  52. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 52
    Supply/Demand Fundamentals 2018 gas consumption expected to increase 3.5 Bcf/d to 77.5 Basin Demand Expected to Increase Bcf/d and increase an additional 2.2 Bcf/d in 2019(1) Roughly 6 GW of natural-gas fired power plant capacity in…
  53. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 53
    Liquids and Processing Summary ACAA MarkWest Contracted Processing Capacity Blue Racer 365 MMcf/d Dominion MarkWest Majorsville Noble County Utica CNXM and other wet gathering systems provide optionality for CNX wet production…
  54. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 54
    Balance Sheet Capacity and Dry Powder Upside through 2022E 8,000 7,000 Dry powder of 4 billion through 2022E 6,000 consists of potential Balance Sheet Capacity drop proceeds, tax 5,000 3 billion refunds, CNXM LP/GP in…
  55. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 55
    Marketing: Natural Gas Hedging and Basis Protection 400 350 Gas Volumes Hedged (Bcf) 43.3 300 250 200 375.9 44 12.1 Systematically layering in 150 290.6 72.3 hedges out to 2022 to protect 100 182 181.9 margins on proved…
  56. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 56
    Financial Guidance: 2018E-2020E 2018E 2019E 2020E Revenue and Other Operating Income E&P Consolidated E&P Consolidated E&P Consolidated Production Volumes: Natural Gas (Bcf) 450-475 505-575 610-700 NGLs (MBbls) 7,500-7,700 6,800-7,400…
  57. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 57
    Financial Guidance: E&P 2018E 2018E Revenue and Other Operating Income E&P Production Volumes: Natural Gas (Bcf) 450-475 NGLs (MBbls) 7,500-7,700 Oil (MBbls) 15-20 Condensate (MBbls) 590-610 Total Production (Bcfe) 500-525 Basis…
  58. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 58
    Financial Guidance: 2018E E&P Revenue Buildup 2018E Revenue Revenue Volumes Realized Price ( in millions) Natural Gas 462.5 Bcf 2.55 /Mcf 1,180 NGLs 7,600.0 MBbls 23.50 /Bbl 179 Condensate 602.5 MBbls 42.00 /Bbl 25 Oil 17.5…
  59. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 59
    Financial Guidance: 2018E Natural Gas Marketing Mix and Basis Volumes 2018E CY 2018 Market (000 MMBtu) Gas Sold (%) Basis Michcon Northeast Pipeline Projects DOM South 45,074 9% (0.67) 2018E Gas: 6% ETNG/Cascade Creek TZ5 9,097 2%…
  60. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 60
    Financial Guidance: 2018E NGL Barrel Composition and Pricing Approximately 200 million in revenue 2018E NGL Barrel Composition 2018E liquids sold: Natural N-Butane gasoline - NGLs: 7,600 MBbls 9% 8% - Condensate: 603 MBbls I-Butane…
  61. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 61
    Financial Guidance: 2018E Natural Gas Hedging Gain/Loss Projections CY2018 CY2019 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (1) (000 MMBtu) Price Market (/MMBtu) ( in 000's) (/MMBtu) NYMEX 377,775 2.98 2.78 0.20 74,668…
  62. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 62
    Guidance: Natural Gas Hedging Gain/Loss Projections Q1 2018 CY2018 CY2019 Hedged Volumes Hedged Forward Forecasted Gain/(Loss) Hedged Volumes Hedged Forward Forecasted Gain/(Loss) (000 MMBtu) Price Market (1) (/MMBtu) ( in 000's) (000…
  63. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 63
    Financial Guidance: 2018E E&P EBITDAX Buildup 1,800 1,600 Other Operating Income Purchased Gas Sales Realized Hedging 1,400 Gain/(Loss) 0.15-0.18 / 0.06-0.08 / Mcfe Mcfe E&P EBITDAX + 1,200 Attributable CNXM EBITDA 1,000 825-850…
  64. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 64
    Financial Guidance: 2018E CNXM EBITDA Attributable to CNX 250 200 150 in millions Non-Controlling Interest 100 50 60-65 million 0 Total Revenue Operating Expense General & EBITDA EBITDA Attributable (100% of…
  65. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 65
    Capital Allocation Optionality: Drill Bit IRR Opportunities Summary Assumptions Portfolio IRR Summary: Five Year Plan Gas pricing: 2.50/MMBtu 140% 300% 138% NGL pricing: 25/Bbl 120% 100% CND pricing: 45/Bbl IRR 80% Full Cycle…
  66. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 66
    Half Cycle and Full Cycle Modeling Assumptions Portfolio Single Well Assumption Half Cycle Full Cycle Half Cycle Realized Pricing Gas Price - /MMBtu 2.50 Flat 2.50 Flat See Regional Detail NGL Price - /Bbl 25.00 Flat 25.00 Flat…
  67. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 67
    Capital Allocation Optionality: Share Buybacks 2018E-2022E As of: Q3 2017 End Year-End 2017 As of 3/6/2018 Buyback Potential Share Reduction Additional S/O: 230.1 million 223.8 million 219.8 million 90+ million share…
  68. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 68
    Rehabilitated Balance Sheet Sets New Beginning Long-Term Liabilities Reduced by More than 4 Billion Over last Six Years 5,000 500 Annual Cash Servicing Costs ( in millions) 4,000 400 2018E hedge book and production Long-Term…
  69. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 69
    Capital Allocation: Balance Sheet CNX EBITDAX Less Sensitive to Commodity Swings 3.50 Each 0.25 decline in HH price yields only a 35 million 1,400 Balance Sheet Highlights(1) YE 2017 YE 2018E 3.00 decline in 2018E EBITDAX 1,200…
  70. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 70
    Tax Reform and NOLs Create Tailwind December 31, Tax reform law states that Alternative Minimum Tax (AMT) 2017 2016 amounts can be refunded at 50% in first year Deferred Tax Assets: - Expect to receive first proceeds in 2019: 95…
  71. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 71
    Detailed IDR Model: Assuming 15% Distribution Growth GP + Floor Ceiling LP Share IDR Share IDR Share Minimum Quarterly Distribution (MQD) 0.212500 98% 2% 0% First Target Distribution 0.212500 0.244375 98% 2% 0% Second Target…
  72. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 72
    Asset Portfolio Overview Marcellus Utica SWPA WV CPA OH Total SWPA WV CPA OH Total Total Net Acres 117,000 95,000 303,000 16,000 531,000 157,000 135,000 235,000 125,000 652,000 Net Developed Acres 21,600 5,900 6,100 200 33,800 100 0…
  73. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 73
    SWPA Overview: Greater and Central SWPA Central Marcellus Utica Undeveloped Net Locations 391 438 EUR (Bcfe/1000)(1) 2.8 3.2 Total NRI 87% 89% Total PDPs 182 1 Net Current Production (Bcfe/d) 0.412 0.004 Core focus area for future…
  74. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 74
    Central PA Overview: North and South CPA South Marcellus Utica Undeveloped Net Locations 634 513 EUR (Bcf/1000)(1) 1.8 3.5 Total NRI 87% 87% Total PDPs 47 3 Net Current Production (Bcfe/d) 0.034 0.046 Gaut & Aikens wells have proved…
  75. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 75
    WV Overview: Shirley-Pennsboro and East WV Shirley-Penns Marcellus Utica Undeveloped Net Locations 85 77 EUR (Bcfe/1000) 3.0 2.8 Total NRI 85% 87% Total PDPs 42 - Net Current Production (Bcfe/d) 0.178 - Strong well results from enhanced…
  76. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 76
    Ohio Overview: Wet and Dry OH Wet Marcellus Utica Undeveloped Net Locations - 135 EUR (Bcfe/1000) - 2.1 Total NRI - 42% 59 (Hess) Total PDPs - 31 (CNX) Net Current Production (Bcfe/d) - 0.086 Joint Venture with Hess OH Dry Marcellus…
  77. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 77
    SWPA Central Modeling Inputs and Economics Reserves Detail Assumptions Gross EUR (bcfe) 26.8 SWPA Central SWPA Marcellus Central Type Marcellus Curve Type (2.8 Curve (2.8Bcf/1000) Bcf/1000') IP (MMcf/d) (3 mo. flat) 15.9 Inlet BTU…
  78. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 78
    SWPA Greater Modeling Inputs and Economics Reserves Detail Assumptions SWPASWPA Greater Marcellus Greater Type Marcellus Curve Type (2.7 Curve Bcfe/1000) (2.7 Bcfe/1000') Gross EUR (bcfe) 25.8 IP (MMcf/d) (3 mo. flat) 11.8 Inlet BTU…
  79. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 79
    WV SHR/PENS Modeling Inputs and Economics Reserves Detail Assumptions WV SHR/PENS Marcellus TypeType Curve (2.8 (2.8 Bcfe/1000) WV SHR/PENS Marcellus Curve Bcfe/1000') Gross EUR (bcfe) 22.2 IP (MMcf/d) 14.5 Inlet BTU 1260 Decline 69%…
  80. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 80
    WV East Modeling Inputs and Economics Reserves Detail Assumptions WV East WV Marcellus TypeType East Marcellus Curve (2.5 (2.5 Curve Bcfe/1000) Bcfe/1000') Gross EUR (bcfe) 19.4 IP (MMcf/d) 13.5 Inlet BTU 1230 Decline 69% 400,000…
  81. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 81
    CPA South Modeling Inputs and Economics Reserves Detail Assumptions Gross EUR (bcfe) 16.1 IP (MMcf/d) 13.6 CPA South Marcellus CPA South TypeType Marcellus Curve (1.8(1.8 Curve Bcf/1000) Bcf/1000') Inlet BTU 1040 Decline 69% 400,000…
  82. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 82
    CPA North Modeling Inputs and Economics Reserves Detail Assumptions CPA CPA NorthNorth Marcellus Type Marcellus Curve Type (1.5 Curve Bcf/1000) (1.5 Bcf/1000') Gross EUR (bcfe) 13.1 IP (MMcf/d) 11.1 Inlet BTU 1012 Decline 69%…
  83. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 83
    Ohio Modeling Inputs and Economics Reserves Detail Assumptions OH WetOH Utica WetType Type Curve (2.1 Bcfe/1000') Curve (2.1 Bcfe/1000) Gross EUR (bcfe) 17.1 IP (MMcf/d) 11.9 Inlet BTU 1170 Decline 62% 400,000 30,000 BTAX IRR%…
  84. Scotia Howard Weil 2018 Energy Conference – CNX Resources – slide 84
    CNX Midstream Partners Governance NYSE: CNX 100% CNX Gathering LLC 33.4% LP Interest 100% CNX Midstream GP LLC The General Partner Incentive Distribution Rights Public 41.9mm Common Units 2% GP Interest 95% LP…

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