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Live In Play®

Updated: 25-Jul-24 07:03 ET

CNX: CNX Resources reports Q2 EPS of ($0.12) may not compare to ($0.40) FactSet consensus (24.89)

"As expected, quarterly production volumes declined to 134 Bcfe due to the previously announced 11 well completion deferrals in response to the challenging macro gas pricing environment. Volumes are expected to climb sequentially as the remainder of our planned 2024 wells come on-line during the second half of the year.
On the drilling and completion side, the company continued its focus on safe, efficient execution and optimizing lateral lengths to drive down costs. For example, during the quarter we successfully drilled eight Marcellus Shale wells with an average lateral length of approximately 14,100 feet, including 2-wells with an average lateral length of approximately 19,800 feet. Our completions team continues to execute at a high level as well and completed approximately 71,785 feet of total lateral on a Marcellus pad in 30 full pumping days for an average of 2,382 feet per day."
Co sees FY24 liquid production of 545-555 BcFe vs. 540-560 mln BcFe prior guidance.