SynMax Research:
CNX Resources (CNX)
CNX Resources is not planning to increase drilling in response to a historic rally in natural gas prices since it has predominantly been concentrated in the spot, balmo (balance-of-month), & front month futures contracts. According to the CEO, “We’re not going to try to jump around to catch a month of pricing”.
The company is “still hopeful” of natural gas demand increasing within the Appalachian production region to meet demand from electricity-intensive AI data centers. However, those projects are “still a few years out”. According to the company, “There’s no reason to build those volumes just yet”. The company also stated that "Current pricing does not support increased activity".
2026 production volumes are expected to remain flat throughout the year, despite front-loading capital expenditures. Any increase in frac activity would be tied to long-term infrastructure or power demand, not short-term price spikes.
The company issued new full year 2026 natural gas production guidance. Based on midpoint guidance, full year 2026 natural gas production is expected to be lower YOY by 1.2% after adjusting for the APEX PA acquisition in 2025.
Murphy Oil (MUR)
Murphy Oil’s production exceeded the midpoint of quarterly guidance for Q4 2025. In 2025, the company reduced lease operating expense per BOE by 20% compared to 2024. Murphy Oil delivered record-setting well performance in their onshore program.
The company issued new 2026 production guidance. The company's 2026 production is expected to be lower YOY in 2026.
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