Company type | Public company |
---|---|
NYSE: CNX S&P 400 component | |
Industry | Natural gas |
Key people | Nicholas J. DeIuliis, CEO and President Alan K. Shepard, CFO Navneet Behl, Chief operating officer |
Products | Natural gas |
Production output | 1.617 billion cubic feet of natural gas equivalent per day (2021) |
Revenue | $756 million (2021) |
-$498 million (2021) | |
Total assets | $8.100 billion (2021) |
Total equity | $3.700 billion (2021) |
Number of employees | 441 (2021) |
Website | www |
Footnotes /references [1] [2] |
CNX Resources Corporation is a natural gas company based in Pittsburgh with operations in the Appalachian Basin, primarily in the Marcellus Shale and Utica Shale in Pennsylvania, Ohio and West Virginia. It also develops coalbed methane properties in Virginia along with a methane capture and abatement program. The company also has extensive midstream operations and is one of the largest producers of natural gas in the United States.
CNX Resources traces its roots to Consolidation Coal Company, a coal mining company founded in 1860. [3] Dupont and Rheinbraun A.G. formed a joint venture in 1991. [4] [3] In May 1999, the company became a public company via an initial public offering. [5]
In 2010, the company moved its headquarters to Cecil Township, Washington County, Pennsylvania. [6] [7] The company also acquired the natural gas business of Dominion Resources in 2010, which increased its drilling properties and made it one of the largest natural gas production companies in the Marcellus Shale formation. [8]
In 2017, the company completed the corporate spin-off of Consol Energy and changed its name to CNX Resources Corporation. [9] Nicholas (Nick) J. Deiuliis, who was the President and CEO of Consol, continued in those same roles at CNX. [10]
In January 2018, the company purchased a 50% interest in CONE Gathering LLC from Noble Energy. [11] In 2020 CNX acquired all outstanding common shares of CNX Midstream Partners LP. [12]
The company’s methane abatement program captures methane released from coal and the surrounding rock strata from mining activities. Coalbed methane is a greenhouse gas emitted from both active and closed (or abandoned) underground and surface coal mines that would be emitted to atmosphere if not for capture and abatement programs. [13] To further reduce gas emissions, CNX was the first driller in the Appalachian Basin region to eliminate diesel engines from their hydraulic fracturing fleet and switched to all-electric. [14] [15] [16]
In 2021, the company created the CNX Foundation to administer its $30 million commitment to help those in the Appalachian Basin region achieve economic success. [17] CNX also created a mentorship academy for high schoolers in disadvantaged rural and urban areas. [18] [19] The focus is on exposing students to career opportunities and ensuring they secure a job or apprenticeship by their high school graduation. [18] Under the program, the students meet once a month, attend field visits with various regional employers, and have on-site visits and guest speakers. [18] [19] There is also coaching focused on resume creation, job interviews, civics and business, and dressing for success. [18] [19] The Bus Stops Here Foundation and the Builders Guild of Western Pennsylvania are original partners in the program. [19] CNX CEO Nick Deiuliis contributed $1 million of his 2022 compensation to support the academy and proceeds from his book Precipice are also supporting the academy. [20]
As of July 2022, the CNX Foundation had provided a $1 million grant to bring broadband to Greene County, [17] [21] $400,000 in career training, and $200,000 for technology needs in disadvantaged school districts with the Jerome Bettis Cyber Bus Project. [21] In addition to the Foundation, CNX works with local communities through programs like Domestic Violence Services and Food Helpers. [17]
In May 2022, CNX partnered with the Pittsburgh International Airport (PIT) to produce alternative fuels and electricity from natural gas wells that CNX operates on airport property. [22] [23] [24] PIT sits atop shale formations including the Utica and Marcellus, a natural gas reserve that runs under parts of New York, Pennsylvania, Ohio, West Virginia, Maryland, and Virginia. [25] CNX will produce compressed natural gas (CNG) onsite to fuel land fleet transportation, and liquefied natural gas (LNG) as an alternative jet fuel. [22] [26]
CNX started partnering with PIT in 2013 and began drilling natural gas wells in 2014. [22] As of 2022, the partnership has supported a 5-generator, 20 MW micro-grid powered by natural gas, and a 3 MW solar array that provides 100% of the airport’s electricity needs. [22] [27] [25]
In July 2022, CNX committed to a 15 year deal with NewLight Technologies to supply methane for the production of biomaterials. [28]
In April of 2023, CNX and Sapphire Technologies announced a plan to develop a FreeSpin In-line Turboexpander creating clean, or zero-emission, electricity by tapping into pressures used in producing natural gas. [29] In November, CNX announced a collaboration with the state of Pennsylvania. [30] CNX volunteered to be the first company to offer “radical transparency” regarding its safety measures. [30] This includes collecting and reporting real-time data on air emissions and water quality at 9 sites (three additional pending) and two well pads, disclosing all chemical use, and expanding buffer zones. [31] [30]
In 2020 and 2022, CNX Resources was named to Newsweek's annual "America's Most Responsible Companies" list. [32] [33] [17] In 2021, the company received an ESG Top Performer award from Hart Energy. [34] [35]
CNX also received the Washington County Community Foundation’s Charles C. Keller Excellence Award for Corporate Philanthropy. [17]
The National Energy Technology Laboratory (NETL) is a U.S. national laboratory under the Department of Energy Office of Fossil Energy. NETL focuses on applied research for the clean production and use of domestic energy resources. It performs research and development on the supply, efficiency, and environmental constraints of producing and using fossil energy resources while maintaining affordability.
Consol Energy Inc. is an American energy company with interests in coal headquartered in the suburb of Cecil Township, in the Southpointe complex, just outside Pittsburgh, Pennsylvania. In 2017, Consol formed two separate entities: CNX Resources Corporation and CONSOL Energy Inc. While CNX Resources Corp. focuses on natural gas, spin-off Consol Mining Corporation, now Consol Energy Inc. focuses on coal. In 2010, Consol was the leading producer of high-BTU bituminous coal in the United States and the U.S.'s largest underground coal mining company. The company employs more than 1,600 people.
Southpointe is a 589-acre (238 ha) suburban business park located in Cecil Township near Canonsburg, Pennsylvania, south of Pittsburgh and is a familiar landmark along Interstate 79. It is home to many corporations, including Fortune 500 members CONSOL Energy and Viatris as well as Ansys.
EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.
Shale gas is an unconventional natural gas that is found trapped within shale formations. Since the 1990s a combination of horizontal drilling and hydraulic fracturing has made large volumes of shale gas more economical to produce, and some analysts expect that shale gas will greatly expand worldwide energy supply.
Chief Oil & Gas is a company founded in Dallas, Texas in 1994 by Trevor Rees-Jones. Its primary holdings of natural gas were developed in the core areas of the Barnett Shale in Tarrant County, Denton County and Parker County. In 1999, new technology in horizontal drilling and hydraulic fracturing along with rising gas prices made the Barnett Shale, an unconventional resource for natural gas, more economical. Chief rapidly expanded its leasehold position and drilling and production program in the Barnett Shale to become the fields second largest producer there.
The Marcellus Formation or the Marcellus Shale is a Middle Devonian age unit of sedimentary rock found in eastern North America. Named for a distinctive outcrop near the village of Marcellus, New York, in the United States, it extends throughout much of the Appalachian Basin.
Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania. In 2018, the company was acquired by PennEnergy Resources.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
Shale gas in the United States is an available source of unconventional natural gas. Led by new applications of hydraulic fracturing technology and horizontal drilling, development of new sources of shale gas has offset declines in production from conventional gas reservoirs, and has led to major increases in reserves of U.S. natural gas. Largely due to shale gas discoveries, estimated reserves of natural gas in the United States in 2008 were 35% higher than in 2006.
The Utica Shale is a stratigraphical unit of Upper Ordovician age in the Appalachian Basin. It underlies much of the northeastern United States and adjacent parts of Canada.
Beaver Run Reservoir is a reservoir in Westmoreland County in the U.S. state of Pennsylvania, 23 miles (37 km) east of Pittsburgh. The elevation of Beaver Run Reservoir is 1,053 feet (321 m) above sea level.
The energy sector of Ohio consists of thousands of companies and cities representing the oil, natural gas, coal, solar, wind energy, fuel cell, biofuel, geothermal, hydroelectric, and other related industries. Oil and natural gas accounts for $3.1 billion annually in sales while ethanol generates $750 million. Toledo is a national hub in solar cell manufacturing, and the state has significant production of fuel cells. In 2008, the state led the country in alternative energy manufacturing according to Site Selection Magazine, while the natural gas industry has experienced growth due to the expansion of shale gas.
Range Resources Corporation is a natural gas exploration and production company headquartered in Fort Worth, Texas. It operates in the Marcellus Formation, where it is one of the largest land owners
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American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.
Equitrans Midstream Corporation, also known as E-Train, is an American energy company engaged in the pipeline transportion of natural gas and natural gas liquids. It is headquartered in Canonsburg, Pennsylvania.