CNX Resources Corporation has announced a definitive agreement to acquire Apex Energy II's natural gas business in the Appalachian Basin for approximately $505 million.

Target Information

CNX Resources Corporation (NYSE: CNX) has announced its strategic move to acquire the natural gas upstream and associated midstream business of Apex Energy II, LLC. Apex, a portfolio company of funds managed by Carnelian Energy Capital Management, L.P., operates within the economically significant Appalachian Basin. The total cash consideration for the acquisition is approximately $505 million, with the effective date set for October 1, 2024. The transaction is expected to finalize in the first quarter of 2025, contingent upon customary closing conditions being satisfied.

According to CNX President and CEO Nick Deiuliis, this acquisition not only expands CNX's current operations but also enhances their ability to access stacked pay development opportunities. The partnership signifies optimism in maximizing resource extraction from the deep Utica and will support CNX's expansion efforts in the region.

Industry Overview

The Appalachian Basin is well-known for its extensive natural gas resources, presenting significant opportunities for growth within the energy sector. The region is characterized by a robust infrastructure that facilitates the extraction, production, and t