PITTSBURGH, PA – April 26, 2022
CNX Resources Corporation (NYSE: CNX) and Evolution Well Services (“Evolution”) are pleased to announce a four-year extension of their current partnership.
CNX Chief Operating Officer Chad Griffith commented, “When we began working with Evolution, we knew this was the next step change on the efficiency frontier that has contributed to CNX being the lowest cost operator in the Appalachian Basin. Four years later, with the safety, environmental, and efficiency benefits clearly demonstrated, we are pleased to enter into another long-term contract that provides certainty in an uncertain supply chain world that is disrupting all facets of our economy. We’ll continue to improve the local environment, increase the quality of our execution, and mitigate ongoing inflationary cost risks with this important relationship.”
In 2018, Evolution and CNX began negotiating a long-term agreement to utilize Evolution’s 100 percent electric, natural gas-fueled, gas turbine-powered fracturing fleets for strategic basin development. Those negotiations yielded the first long-term contract in the Appalachian basin for this game-changing technology.
Since 2019, Evolution has provided its industry leading electric fracturing technology to CNX, resulting in higher operational efficiencies, lower emissions, and significant well cost savings. As shown by CNX’s recent ESG Top Performer Award by Hart Energy, this partnership aligns with CNX’s goal to push the industry forward with Tangible, Impactful, Local ESG investments. As part of this agreement, CNX and Evolution are introducing technologies that will further reduce emissions with natural gas into hydraulic fracturing operations. Both companies are committed to investing in and partnering on innovations that benefit the region utilizing lower emissions natural gas coupled with a positive impact on the local communities.
Evolution’s President & CEO, Steven W. Anderson, stated, “Evolution is excited to extend our partnership with CNX. CNX was a first mover in the Appalachia region to commit long term to our technology and has continually experienced the step change in benefits in support of their strategic operational and ESG goals. This long-term commitment to extend our partnership demonstrates our team’s ability to consistently provide operational excellence while also reducing greenhouse gas emissions.”
About CNX Resources Corporation:
CNX Resources Corporation (NYSE: CNX) is the premier independent natural gas development, production, and midstream company, with operations centered in the major shale formations of the Appalachian basin. Our vertically integrated model includes transmission, storage, gathering systems, and water infrastructure that support energy development from wellhead to end user. With the benefit of a more than 150-year legacy and a substantial asset base amassed over many generations, the company deploys a strategy focused on responsibly developing its resources to create long-term per share value for its shareholders, employees, and the communities where it operates. As of December 31, 2021, CNX had 9.63 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor’s Midcap 400 Index. Additional information may be found at www.cnx.com.
About Evolution Well Services:
Evolution Well Services is the pioneer and market leading provider of electric hydraulic fracturing services. The company has completed over 45,000 stages with its patented electric frac technology across the United States. The company is focused on developing and delivering sustainable engineered solutions to the energy industry through digital transformation of the well pad and lower carbon technologies.