CNX Resources Enters Definitive Purchase Sales Agreement To Sell Various Non-Operated Producing Oil And Gas Assets Primarily Located In Appalachian Basin To Third Party
Portfolio Pulse from Benzinga Newsdesk
CNX Resources has entered a definitive purchase sales agreement to sell non-operated producing oil and gas assets in the Appalachian Basin to a third party. The transaction is expected to close in Q2 2023, resulting in cash proceeds of approximately $125 million.
June 15, 2023 | 8:40 pm
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CNX Resources is selling non-operated oil and gas assets for $125 million, with the transaction expected to close in Q2 2023. This will reduce CNX's expected 2023 net production by 9 Bcfe.
The sale of non-operated oil and gas assets will result in cash proceeds of $125 million for CNX Resources. However, it will also reduce the company's expected 2023 net production by 9 Bcfe. The impact on the stock price is neutral as the cash proceeds can be used for capital allocation strategy, but the reduction in production may offset the benefits.
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