PITTSBURGH– Citing delays and increasing uncertainty over implementation rules guiding the use of the 45V hydrogen production tax credit provisions of the Inflation Reduction Act (IRA) and an inability to reach final commercial terms with project developers, CNX Resources Corporation (NYSE: CNX) today announced it has ended coordination with the Adams Fork project and is evaluating several viable alternative sites in southern West Virginia for clean hydrogen projects.
The Company remains committed to supporting the Appalachian Regional Clean Hydrogen Hub (ARCH2) via use of its local, low cost, low carbon intensity feedstock, which is ideal for affordable, clean hydrogen production in historically disadvantaged energy communities across Appalachia. CNX’s final investment decision remains contingent upon tax credit guidance that unambiguously supports low carbon intensity feedstock projects that will facilitate development of the regional clean hydrogen hubs, including ARCH2.
CNX calls on the federal government to heed the advice of elected officials, organized labor, and stakeholders across the country who have advocated for rules that would catalyze, not stifle, the burgeoning hydrogen economy.
The ARCH2 hydrogen hub brings together private industry, state and local government, academic and technology institutions, NGOs, and community organizations across the Northern Appalachian region including West Virginia, Ohio, Pennsylvania, and Kentucky. The region is the textbook location for a clean hydrogen hub due to its unique access to ample low-cost natural gas feedstock, end-user demand, workforce and technology capability, and carbon sequestration potential.
As one of the largest, most efficient, and environmentally sustainable sources of natural gas in the world, Appalachia has the tools to become the epicenter for skilled labor job creation while lowering regional, national, and global carbon emissions. Appalachia can be the launchpad to a more efficient and sustainable future catalyzed by lower carbon intensity natural gas. Learn more about CNX’s Appalachia First strategic vision.
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 159-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, 2022, CNX had 9.81 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.
SOURCE: CNX Resources Corporation
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