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
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
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.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100