CNX Resources’ production guidance
CNX Resources (CNX) didn’t give specific production guidance for 1Q18. However, in its 4Q17 earnings press release, the company provided guidance on its full-year 2018 production. For full-year 2018, CNX expects total production in a range of 520–550 Bcfe (billion cubic feet equivalent), which represents a midpoint increase of ~31% from the production of 407 Bcfe in 2017.
Considering the magnitude of the expected production increase in full-year 2018, CNX Resources’ production in 1Q18 will probably come in above its 1Q17 and 4Q17 production.
In 2018, CNX Resources plans to deploy three rigs in 1H18 and add the fourth rig in July 2018. CNX Resources plans to achieve higher production with higher capital spending in 2018. We’ll study CNX’s capital expenditure in the next part.
CNX Resources’ production mix
In 4Q17 CNX Resources reported natural gas production of 105.5 Bcf (billion cubic feet), natural gas liquids production of 12.2 Bcfe, and crude oil production of 1.2 Bcfe. Thus, in 4Q17, CNX’s production mix in 4Q17 contained almost 89% natural gas. In 1Q17, CNX reported ~91% natural gas in its production mix.
CNX’s peer Southwestern Energy (SWN), which also operates in the Marcellus Shale, expects its production in a range of 930–965 Bcfe, a midpoint increase of ~6% when compared with 2017.