Cnx Resources Corporation · NYSE:CNX
Cnx Resources — Q1 2023 Earnings Presentation
9 slides from Cnx Resources's earnings presentation, Apr 27, 2023
Slide 1: Q1 2023 Update
Cc Q1 2023 Update April 27, 2023
Slide 2: Q1 2023 Highlights
Q1 2023 Highlights “The first quarter represented the 13th consecutive quarter of significant free cash flow RESULTS SNAPSHOT(1) generation," commented Nick Deiuliis, president and CEO. “Utilizing this free cash flow, cumulatively, we have retired approximately 28% of our outstanding shares since th
Slide 3: CNX Has Industry Leading Shareholder Return Profile
CNX Has Industry Leading Shareholder Return Profile Last Twelve Months (LTM) Cash Returned as % of Market Capitalization 25% Based on Top 30 Publicly Traded Gas Producers 20% 15% 10% 5% 0% LTM Cash Returned (SBB+Div) as % of Market Source: S&P Capital IQ. Note: LTM data as of 4/10/2023. Peer group b
Slide 4: CNX has Generated ~$1.7 Billion in Free Cash Flow since Q1 2020
CNX has Generated ~$1.7 Billion in Free Cash Flow(1) since Q1 2020 Free Cash Flow (FCF)(1) $400 13 consecutive quarters of generating $300 $276 significant FCF, ~$250 used to return $234 $ in millions capital to $200 shareholders and $158 pay down/manage $129 $130 $135 $121 $117 debt $101 $100 $89 $
Slide 5: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Significant liquidity under credit Maturities as of March 31, 2023(1)(2) facilities – Combined elected 2500 7.4% 7.6% 8% 7.1% commitments of $1.9 billion 6.9% 7% 2000 6% Undrawn Revolver Significant runway before 5% Capacity $ in millions 1500 nearest bond maturi
Slide 6: Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt
Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt ~28% reduction in total shares outstanding CNX has since Q3 2020 repurchased 62.2 165.6(1) million shares for $950 million(1) since Q3 2020 at an average price of $15.29 CNX has reduced adjusted net debt(2) by $345 million
Slide 7: 2023 Guidance Update
2023 Guidance Update PREVIOUS UPDATED 2023E Activity Summ 2023E 2023E 2024 production volumes ($ in millions) Low High Low High expected to be Production Volumes (Bcfe) 555 - 575 555 - 575 ~590 Bcfe % Liquids ~7% - ~8% ~7% - ~8% % of Natural Gas Hedged 82% 83% (1) Prices on Open Volumes Natural Gas
Slide 8: GHG Emissions
GHG Emissions Methane Intensity of Top US NG Basins CNX Methane Intensity by segment 0.06% The Appalachian Production Segment G&B Segment CNX is driving Basin is the lowest meaningful methane intensity 0.04% reductions on basin in the U.S. methane intensity emissions and 0.02% continues to target fu
Slide 9: Investor Contacts & Notices
Investor Contacts & Notices 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 Investor Relations Cont