CNX Resources Corp. expects efficiencies and new wells in the Appalachian Basin to help lower costs and maintain natural gas output in the years ahead as it explores alternative fuels. 

CNX, the first Lower 48 exploration and production (E&P) company to report fourth quarter earnings, said strong execution of last year’s program, along with more Utica Shale wells coming online in central Pennsylvania, should help drive capital lower moving forward.

The company expects production volumes of 570-590 Bcfe this year. It also expects to spend $575-625 million. Heading into 2025, management is aiming to maintain production at 580 Bcfe, with annual spending set to fall below $500 million.

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