CNX Resources’ 1Q18 operational performance
For 1Q18, CNX Resources (CNX) reported total production of 129.5 Bcfe (billion cubic feet equivalent). CNX Resources’ 1Q18 production is ~36% higher than its 1Q17 production of 95 Bcfe. Sequentially, CNX Resources’ 1Q18 production is ~9% higher than 4Q17.
CNX Resources’ 1Q18 production mainly came from the Marcellus Shale and Utica Shale. CNX reported production from the Marcellus Shale of 65.9 Bcfe (~51% of total production) and from the Utica Shale of 43.5 Bcfe (~34% of total production).
The Utica Shale was the main growth driver for CNX in 1Q18. Its production there increased ~184% from 15.3 Bcfe in 1Q17.
CNX Resources’ 1Q18 production mix
In 1Q18, CNX Resources reported natural gas production of 117.5 Bcf (billion cubic feet), which is ~91% of the total production in the same quarter. In 1Q18, CNX Resources reported natural gas liquids production of 11.1 Bcfe and crude oil production of 0.9 Bcfe.
CNX Resources’ production guidance
For fiscal 2018, CNX expects total production in a range of 500–525 Bcfe (billion cubic feet equivalent), which represents a mid-point increase of ~26% from its production of 407.1 Bcfe in 2017.
CNX’s peer Range Resources (RRC) expects total production of ~2.20 Bcfe per day in 2018, an increase of ~11% compared with 2017.
Next in this series, we’ll take a look at CNX’s 1Q18 operating cash flow, capex, and free cash flow.