PITTSBURGH, Jan. 3, 2025
/PRNewswire/ -- Today, in response to the issuance of final rules
regarding the Inflation Reduction Act's Section 45V Hydrogen
Production Tax Credit, CNX Resources Corporation (NYSE: CNX)
released the following statement:
"The Department of Treasury's recognition of captured waste coal
mine methane (CMM) as a feedstock for hydrogen production is
validation of its inherent environmental and economic benefits and
an important step in continuing to monetize the value of this
unique asset. However, we believe that the final 45V implementation
rules are overly restrictive across a range of feedstocks and do
not currently appear to create sufficient economic incentives for
the Company to expand its CMM capture operations for hydrogen end
use.
"Notwithstanding the specifics of the 45V rule, the Company
intends to utilize this important validation of the product to
pursue other incentive pathways for CMM volumes including
voluntary markets, other tax incentives, and compliance program
commercial opportunities that recognize waste mine methane
capture."
About CNX Resources
CNX Resources Corporation
(NYSE: CNX) is unique. We are a premier, ultra-low carbon intensive
natural gas development, production, midstream, and technology
company centered in Appalachia, one of the most energy abundant
regions in the world. With the benefit of a 160-year regional
legacy, substantial asset base, leading core operational
competencies, technology development and innovation, and astute
capital allocation methodologies, we responsibly develop our
resources and deploy free cash flow to create long-term per share
value for our shareholders, employees, and the communities where we
operate. As of December 31, 2023, CNX
had 8.74 trillion cubic feet equivalent of proved natural gas
reserves. The company is a member of the Standard & Poor's
Midcap 400 Index. Additional information is available
at www.cnx.com.
Cautionary Statements
We are including the following
cautionary statement in this press release to make applicable and
take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for any forward-looking
statements made by, or on behalf of us. With the exception of
historical matters, the matters discussed in this press release are
forward-looking statements (as defined in 21E of the Securities
Exchange Act of 1934 (the "Exchange Act")) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Accordingly, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. These forward-looking statements may include
projections and estimates concerning the timing and success of
specific projects and our future production, revenues, income, and
capital spending. When we use the words "believe," "intend,"
"expect," "may," "should," "anticipate," "could," "estimate,"
"plan," "predict," "project," "will," or their negatives, or other
similar expressions, the statements which include those words are
usually forward-looking statements. When we describe a strategy
that involves risks or uncertainties, we are making forward-looking
statements. The forward-looking statements in this press release
speak only as of the date of this press release; we disclaim any
obligation to update these statements. We have based these
forward-looking statements on our current expectations and
assumptions about future events. While our management considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies, and uncertainties, most
of which are difficult to predict and many of which are beyond our
control. Specific factors that could cause future actual results to
differ materially from the forward-looking statements are described
in detail under the captions "Forward-Looking Statements" and "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2023 filed with the
Securities and Exchange Commission (SEC) and any subsequent reports
filed with the SEC. Those risk factors discuss, among other
matters, pricing volatility or pricing decline for natural gas and
NGLs; local, regional and national economic conditions and the
impact they may have on our customers; the impact of events beyond
our control, including a global or domestic health crisis;
dependence on gathering, processing and transportation facilities
and other midstream facilities owned by others; conditions in the
oil and gas industry; our current long-term debt obligations, and
the terms of the agreements that govern that debt; strategic
determinations, including the allocation of capital and other
resources to strategic opportunities; cyber-incidents targeting our
systems, oil and natural gas industry systems and infrastructure,
or the systems of our third-party service providers; and changes in
safety, health, environmental and other regulations.
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SOURCE CNX Resources Corporation
