Production (Majorville area) averaged 227 million cubic feet equivalent per day, a new quarterly record;
Averaged 100,000 barrels of oil equivalent per day, a quarterly milestone;
Marcellus volumes, 70 MBoe/d up over 230%;
Anticipate over 60 new wells to commence production this year, including our first operated wells utilizing reduced stage and cluster spacing;
WFN3 4-well pad, averaging 7,500-foot laterals, came online with a rate of 35 mcf/d;
The joint venture is currently running 9 drilling rigs in the play, with a total of 36 wells drilled in the first quarter
CNX – E&P only: Captures higher natural gas prices, estimated the highest unhedged realization among the four largest Marcellus peers at $5.71 per Mcf;
2014 production guidance and production growth beyond into '15 and '16 at 30% annual growth;
Burkett formation well (NV39F) continues to be very strong, with over 9 months' production now and the well still producing about 3 million cubic feet per day, essentially flat from start-up;
Ohio Utica Noble wells coming online, expecting about 30 mmcf/d production; Monroe Co. provides double-stack play as does Washington and Greene Co. Pa. – less JV
Expect to announcement what portion of the midstream assets it pertains to by midyear, with the transaction (either MLP or sale) consummated sometime in 2014 - Consists of two assets, Virginia CBM fields, and Marcellus which saw nearly 100% year-on-year growth in production for first quarter;
Sees both coal stockpiles and gas inventories to remain low through 2015, leading indicators of a trend that's going to potentially create a path of a multiyear trend of coal, gas and power price volatility.
Side Note - Wilson play - NBL. Drilled 2 wells in the center area of NBL’s acreage, encountered a thick 700-foot primary target interval - performed completion operations over a gross interval of about 175 feet, recovering oil of 35 degrees API flowing from each of the 3 completion stages. More wells to be drilled.