Canonsburg-based CNX Resources Corp., an ultra-low carbon intensive natural gas development, production, midstream, and technology company, recently completed its acquisition of Wexford-based Apex Energy II’s natural gas upstream and associated midstream business for approximately $505 million.
“We look forward to demonstrating the unique CNX approach to operations and community relations to these new communities within the Apex footprint,” Nick Deiuliis, CNX president and CEO, said. “We place a high priority on closely collaborating with our operating communities, local officials, and directly with residents to understand their needs and concerns. CNX’s Radical Transparency environmental monitoring and real-time disclosure initiative, in collaboration with Pennsylvania Gov. (Josh) Shapiro and the state Department of Environmental Protection, provides local communities and residents with an even greater level of transparency into our operations, which we believe is second to none in our industry.”
The purchase expands CNX’s existing stacked Marcellus and Utica undeveloped leasehold and provides an infrastructure footprint that can be leveraged for future development. The purchase includes approximately 8,600 acres of undeveloped Utica and 12,600 acres of undeveloped Marcellus and adds approximately 36,000 total net acres in Westmoreland County.
CNX funded the purchase using secured credit facility. It had approximately $1.8 billion of available borrowing capacity under the secured credit facilities as of Sept. 30.