Appalachian natural gas producer CNX Resources affirmed during its 2nd quarter earnings call on Thursday that it expects total annual production in 2026 to be between 1.66 and 1.7 Bcfe/d. This guidance is identical to what the company stated in its Q4 2025 earnings call almost six months ago, as volatility in prices have not caused any divergence from earlier plans. The company expects to turn in line 34 wells this year, with 27 of those in Marcellus and seven in deep Utica.
While the annual guidance remains flat on an annual basis, CEO Alan Shepard promised field activity that would be “slightly higher in Q3 then sort of level out in Q4” which is reflected in CapEx projections that increase from Q2 to Q3 before declining in Q4. Shepard stated that the timeline “naturally sets up” so that more gas is available at the end of the year when in-basin demand is highest. He also confirmed that well costs remain in the range of $1,700 per foot but also said that each time the firm goes to drill a new well they get “better and better” so that they might revise their stated well costs sometime in the future.
