Appalachian pure-play CNX Resources Corp. increased its total proved reserves 7% year/year to 8.43 Tcfe as of the end of the fourth quarter, replacing more than 300% of its 2019 net production, management said Monday.
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Pittsburgh International Airport (PIA) has awarded a 20-year contract to utility Peoples Natural Gas to build and operate a microgrid to power its entire campus.
Appalachian pure-play CNX Resources Corp. on Tuesday joined the chorus in acknowledging that tough times are ahead for the oil and gas industry, laying out a plan to cut year/year drilling and completion (D&C) spending by 33% in 2020.
CNX Resources Corp. said Tuesday it would increase spending this year and drill more wells that won’t come online and benefit the company until 2020, despite investors who continue to expect capital discipline.
Arsenal Resources holding company Arsenal Energy Holdings LLC (AEH) has emerged from bankruptcy in a pre-packaged plan of reorganization. It implemented a debt-for-equity exchange to wipe out $861 million of outstanding subordinated bonds. Arsenal noted when AEH filed for Chapter 11 bankruptcy protection that its exploration and production operations in Pennsylvania and West Virginia would not be affected. No other creditors were impacted by the proceedings.
CNX Resources Corp. continues to investigate how it lost control of a deep, dry Utica Shale well in southwest Pennsylvania late last month, but the company revealed in a regulatory filing that it faulty casing could be to blame.
CNX Resources Corp. signaled a cautious approach for its operations this year, laying out a flexible plan for “minimum” activity that could increase if the natural gas outlook improves. The company also said Tuesday it successfully killed an unruly Utica Shale well in southwest Pennsylvania.
CNX Resources Corp. has started efforts to kill a deep, dry Utica Shale well in southwest Pennsylvania that it lost control of late last month.
CNX Resources Corp. expects production to peak in the fourth quarter now that the operational issues it faced earlier in the year have been resolved.
CNX Resources Corp. on Thursday said it would spend more this year, primarily to cover higher-than-expected water costs and take care of problems at some of its well sites in Appalachia.