CNX Resources Corp. announced on Feb. 9 in its year-end reserves update that as of Dec. 31, 2022, the company’s proved developed reserves increased by 5%, or 315 Bcfe (billions of cubic feet equivalent), to 6,221 Bcfe, and production was initiated on 32 wells, with estimated ultimate recovery averaging 2.65 Bcfe per thousand feet of completed lateral.
The increase of proved developed reserves was a result of developing and converting 925 Bcfe of reserves and other net revisions of 29 Bcfe during 2022. As of Dec. 31, CNX had 9.81 trillion cubic feet equivalent (Tcfe) of proved natural gas reserves.
Proved developed finding and development costs was $0.36/Mcfe (millions of cubic feet equivalent). With CNX’s investments in midstream and water infrastructure added, the proved developed funding and development cost was $0.39/Mcfe.
CNX’s 11.7 Tcfe proved, probable and possible reserves are all currently expected to be developed in the next five years, as outlined in CNX’s five-year plan. Past the five years, there are another 110 Tcfe of recoverable resources expected to be developed.
Future finding and development costs for proved undeveloped reserves was $0.42/Mcfe.
"The 2022 year-end reserve update highlights the company's ability to grow our proved developed reserve base at very high capital efficiency over a long period of time. Doing so is core to our strategy of consistent free cash flow generation coupled with astute capital allocation to grow per share value,” said COO Navneet Behl in the press release.
“Additionally, the future development locations reflected in this update provide further insight into the company's ability to continue efficiently executing this strategy for years to come,” said Behl. “Our quality rock, deep inventory, and stacked Marcellus and Utica horizons are a powerful recipe for value creation."
CNX is a natural gas company headquartered in Canonsburg, Pennsylvania with operations in the Appalachia Basin.
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