Appalachian Basin producer CNX Resources Corp. said Tuesday it is tapping the brakes on production growth and slashing output guidance for 2024 in response to the current natural gas price slump. 

The Pittsburgh-based firm “will delay completions activities on three upcoming Marcellus Shale pads consisting of 11 wells to avoid bringing incremental volumes into the current oversupplied market,” management said. 

As a result, the company is now expecting 2024 production volumes of 540-560 Bcfe, down roughly 30 Bcfe from the midpoint of the previous forecast. “Additionally, the company maintains the flexibility to return to its previously stated long-term production volume target of approximately 580 Bcfe in 2025,” the firm said. 

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