10:38 AM EDT, 03/12/2024 (MT Newswires) -- CNX Resources ( CNX ) said Tuesday it expects its output this year to be lower than previously estimated as an oversupplied natural gas market has prompted it to delay completion activities on three Marcellus Shale pads consisting of 11 wells.

The company said it now expects to produce between 540 and 560 billions of cubic feet equivalent this year, down roughly 30 Bcfe from the midpoint of the previous guidance range.

It also said it now expects capital expenditures this year of $525 million to $575 million, down $50 million from the midpoint of the previous guidance range.

CNX said it is maintaining the flexibility to return to its long-term production target of about 580 Bcfe next year.

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