Profile: CNX Resources Corp (CNX.N)
CNX Resources Corp., formerly CONSOL Energy Inc., incorporated on October 31, 1991, is an integrated energy company. The Company's divisions include Exploration and Production (E&P), Pennsylvania (PA) Mining Operations and Other. The E&P division operates through four segments: Marcellus Shale, Utica Shale, Coalbed Methane (CBM) and Other Gas, which produce pipeline quality natural gas for sale primarily to gas wholesalers. Its E&P division focuses on Appalachian area natural gas and liquids activities, including production, gathering, processing and acquisition of natural gas properties in the Appalachian Basin. The Company's E&P operations are located throughout Appalachia. Its Other Gas properties include Shallow Oil and Gas, Chattanooga and Huron. The Other Gas segment is primarily related to shallow oil and gas production and the Chattanooga Shale in Tennessee. The principal activities of the PA Mining Operations division are mining, preparation and marketing of thermal coal, sold primarily to power generators. The PA Mining Operations division focuses on the extraction and preparation of coal in the Appalachian Basin. The Other division includes business activities, such as coal terminal operations and water operations.
The Company focuses on the development of Marcellus Shale acreage, and the delineation and development of Utica Shale acreage. As of December 31, 2016, the Company had the rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 413,000 net Marcellus Shale acres. As of December 31, 2016, the Company had the rights to extract natural gas in Pennsylvania, West Virginia, and Ohio from approximately 683,000 net Utica Shale acres.
As of December 31, 2016, the Company had rights to extract CBM in Virginia from approximately 268,000 net CBM acres, which cover a portion of its coal reserves in Central Appalachia. As of December 31, 2016, the Company had the rights to extract CBM in West Virginia, southwestern Pennsylvania and Ohio from approximately 912,000 net CBM acres. As of December 31, 2016, the Company had the right to extract CBM from approximately 260,000 net CBM acres in central Pennsylvania. As of December 31, 2016, it controlled approximately 584,000 net CBM acres in Illinois, Kentucky, Indiana and Tennessee. As of December 31, 2016, it also had the right to extract CBM on approximately 139,000 net acres in the San Juan Basin in New Mexico.
The Company's Upper Devonian Shale formation includes both the Burkett Shale and Rhinestreet Shale, lying above the Marcellus Shale formation in southwestern Pennsylvania and northern West Virginia. As of December 31, 2016, it also had the rights to extract natural gas in Tennessee from approximately 95,000 net acres of Chattanooga Shale. As of December 31, 2016, the Company held approximately 503,000 net acres of Huron Shale in Kentucky, West Virginia and Virginia. As of December 31, 2016, the Company drilled 36 net development wells. The Company designs, builds and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points. As of December 31, 2016, the Company owned or operated approximately 5,000 miles of natural gas gathering pipelines. As of December 31, 2016, the Company had 2.4 billion tons of proven and probable coal reserves. The Company assigns coal reserves to its mining complex.
CNX Resources Corp
1000 Consol Energy Dr
CANONSBURG PA 15317-6506
Company Web Links
- BRIEF-Diversified Gas & Oil Buys Some Assets of CNX and Alliance for $180 Mln
- BRIEF-CNX Announces 21 Pct Increase In Proved Reserves To 7.6 Tcfe
- BRIEF-Consol Energy Q4 Loss Per Share $1.04
- BRIEF-CNX Resources Posts Fourth Quarter Production Of 118.9 Bcfe
- BRIEF-CNX Resources Announces 2018 Capital Budget Of $790-$880 Mln