CNX Resources
CFO Chad A. Griffith, 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] |
CNX Resources Corporation is a natural gas company based in
History
CNX Resources traces its roots to Consolidation Coal Company, a coal mining company founded in 1860.[2] Dupont and Rheinbraun A.G. formed a joint venture in 1991.[3][2] In May 1999, the company became a public company via an initial public offering.[4]
In 2010, the company moved its headquarters to
In 2017, the company completed the corporate spin-off of Consol Energy and changed its name to CNX Resources Corporation.[8] Nicholas (Nick) J. Deiuliis, who was the President and CEO of Consol, continued in those same roles at CNX.[9]
In January 2018, the company purchased a 50% interest in CONE Gathering LLC from Noble Energy.[10] In 2020 CNX acquired all outstanding common shares of CNX Midstream Partners LP.[11]
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.[12] 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.[13][14][15]
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.[16] CNX also created a mentorship academy for high schoolers in disadvantaged rural and urban areas.[17][18] The focus is on exposing students to career opportunities and ensuring they secure a job or apprenticeship by their high school graduation.[17] Under the program, the students meet once a month, attend field visits with various regional employers, and have on-site visits and guest speakers.[17] [18] There is also coaching focused on resume creation, job interviews, civics and business, and dressing for success.[17][18] The Bus Stops Here Foundation and the Builders Guild of Western Pennsylvania are original partners in the program.[18] 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.[19]
As of July 2022, the CNX Foundation had provided a $1 million grant to bring broadband to Greene County,[16][20] $400,000 in career training, and $200,000 for technology needs in disadvantaged school districts with the Jerome Bettis Cyber Bus Project.[20] In addition to the Foundation, CNX works with local communities through programs like Domestic Violence Services and Food Helpers.[16]
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.[21][22][23] 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.[24] CNX will produce compressed natural gas (CNG) onsite to fuel land fleet transportation, and liquefied natural gas (LNG) as an alternative jet fuel.[21][25]
CNX started partnering with PIT in 2013 and began drilling natural gas wells in 2014.[21] 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.[21][26][24]
In July 2022, CNX committed to a 15 year deal with NewLight Technologies to supply methane for the production of biomaterials.[27]
Awards and recognition
In 2020 and 2022, CNX Resources was named to Newsweek's annual "America's Most Responsible Companies" list.[28][29][16] In 2021, the company received an ESG Top Performer award from Hart Energy.[30][31]
CNX also received the Washington County Community Foundation’s Charles C. Keller Excellence Award for Corporate Philanthropy.[16]
See also
References
- ^ "CNX Resources Corporation 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b "History of CONSOL Energy Inc". FundingUniverse.
- ISSN 0362-4331.
- ^ Guzzo, Maria (May 10, 1999). "Consol IPO brings less than expected". American City Business Journals.
- ^ "Consol Energy Corporate Headquarters". U.S. Green Building Council.
- ^ "Consol moving to Southpointe". Pittsburgh Post-Gazette. April 19, 2006.
- ISSN 0099-9660.
- ^ Dezember, Ryan (November 29, 2017). "One of America's Oldest Energy Producers Splits in Two".
- ^ "CNX Resources completes spin-off of Consol Energy". Observer-Reporter. 2019-11-30. Retrieved 2022-09-25.
- ^ Federoff, Stacey (January 4, 2018). "CNX closes deal to acquire interest in Cone Midstream Partners". American City Business Journals.
- ^ "CNX to acquire all outstanding common shares of CNX Midstream for $357 million". www.bizjournals.com. Retrieved 2022-08-31.
- ^ "About Coal Mine Methane". www.epa.gov. 2015-12-08. Retrieved 2022-09-20.
- ^ Gough, Paul J. (2021-06-22). "Here's how CNX, a major gas producer, made a huge reduction in methane emissions". www.bizjournals.com. Retrieved 2022-09-20.
- ^ Gough, Paul J. (2019-07-03). "CNX up and running with the region's only all-electric hydraulic fracturing unit". www.bizjournals.com. Retrieved 2022-09-20.
- ^ Whitfield, Stephen (2021-03-16). "Are electrically powered fleets the future of fracking?". Drilling Contractor. Retrieved 2022-09-20.
- ^ a b c d e Tecklenburg, Dorothy (2022-06-09). "CNX builds community connections through philanthropy". Observer-Reporter. Retrieved 2022-09-08.
- ^ a b c d Zito, Salena (2022-03-06). "An energy company shows students the path to prosperity". Washington Examiner. Retrieved 2022-09-08.
- ^ a b c d Gough, Paul J. (2021-04-07). "CNX CEO Launches Mentorship Academy For Urban, Rural Disadvantaged Youth". Pittsburgh Business Times. Retrieved 2022-09-08.
- ^ Gough, Paul J. (2021-12-16). "CNX CEO DeIuliis will put $1M in compensation to Mentorship Academy". www.bizjournals.com. Retrieved 2022-10-09.
- ^ a b Gough, Paul J. (2021-07-01). "CNX Foundation launched to invest $30M commitment to community". www.bizjournals.com. Retrieved 2022-09-15.
- ^ a b c d Blackmon, David (2022-05-28). "Airport And Gas Producer Partner In Near-Term Aviation Carbon Reduction Solution". Forbes. Retrieved 2022-09-30.
- ^ "CNX, Pittsburgh International Airport Form Partnership to Convert Natgas into Alternative Fuel". www.hartenergy.com. 2022-05-24. Retrieved 2022-09-30.
- ^ Doughty, Nate (2022-05-20). "Pittsburgh International Airport looks to broaden on-site natural gas use with CNX partnership". www.bizjournals.com. Retrieved 2022-10-04.
- ^ a b Tegler, Eric (2021-07-21). "Pittsburgh Airport's Microgrid Is A Worthy But Tough To Duplicate Example Of Resiliency". Forbes. Retrieved 2022-10-04.
- ^ Veazey, Matthew (2022-05-27). "CNX, Pittsburgh Airport to Showcase Natural Gas Aviation Potential with Utica Project". Natural Gas Intelligence. Retrieved 2022-10-11.
- ^ Fiorilli, Natalie (2019-10-18). "PIT Will Be First Major U.S. Airport Powered Entirely by Microgrid". Blue Sky PIT News Site. Retrieved 2022-10-11.
- ^ "CNX investing in company that makes bioplastics out of greenhouse gasses. CNX will supply the gasses". Pittsburgh Post-Gazette. Retrieved 2022-08-25.
- ^ "Here are the 20 most responsible companies in Pennsylvania, according to Newsweek". The Patriot-News. December 8, 2020.
- ^ "America's Most Responsible Companies 2021". Newsweek. November 24, 2020.
- ^ "Top ESG Performers Recognized at Energy ESG Conference". www.hartenergy.com. 2021-11-29. Retrieved 2022-10-06.
- ^ Carey, Liz (2022-04-29). "CNX, Evolution Well Services announce long-term Appalachian contract". Pennsylvania Business Report. Retrieved 2022-10-06.