CNX announces 7% increase in proved reserves
Wednesday, February 12, 2020
On Monday, CNX Resources Corporation announced total proved reserves of 8.43 Tcfe, as of December 31, 2019, seeing a 7% increase compared to the year before, according to PR Newswire.
As a result of continued development within the Marcellus and Utica Shale plays, CNX organically added 1,648 Bcfe of proved reserves. Furthermore, the company replaced over 300% of its 2019 net production of 539 Bcfe.
In 2019, drilling and completion costs related to the company’s continued development were $630 million. When that cost is divided by the added 1,648 Bcfe of proved reserves, the result is a drill bit F&D cost of $0.38 per Mcfe.
Learn more: PR Newswire > CNX announces 7% increase in proved reserves to 8.43 Tcfe
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
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What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.