Cnx Resources Corporation · NYSE:CNX
Cnx Resources — Q1 2024 Earnings Presentation
8 slides from Cnx Resources's earnings presentation, Apr 25, 2024
Slide 1: Q1 2024 Update
Cc Q1 2024 Update April 25, 2024
Slide 2: Q1 2024 Highlights
Q1 2024 Highlights “The first quarter represented the 17th consecutive quarter of free cash flow generation," Q1 2024 RESULTS SNAPSHOT AND 2024E (1) commented Nick Deiuliis, president and CEO. “Utilizing this free cash flow, we continued to repurchase shares, and cumulatively, since the inception of
Slide 3: CNX Has Generated ~$1.9 Billion in Free Cash Flow Since Q1 2020
CNX Has Generated ~$1.9 Billion in Free Cash Flow(1) Since Q1 2020 $400 Free Cash Flow (FCF)(1) 17 consecutive $300 ~$300 quarters of $276 generating positive $234 FCF, used to return $ in millions capital to $200 shareholders and $158 pay down/manage $135 $135 $129 $130 debt $121 $117 $101 $100 $89
Slide 4: 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 ~34% reduction in total shares outstanding CNX has since Q3 2020 repurchased 76.0 million shares, at an 153.2(1) -11% CAGR, for $1.2 billion(1) since Q3 2020 at an average price of $16.06 CNX has reduced adjusted net debt(2
Slide 5: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Significant liquidity under credit Maturities as of March 31, 2024(1) facilities – Combined elected 2500 8% commitments of $1.95 billion 7.2% 7.2% 6.7% 6.9% 7% 2000 6% Undrawn Revolver Significant runway before Capacity 1500 $ in millions 5% nearest bond maturity
Slide 6: 2024 Guidance
2024 Guidance PREVIOUS (1) UPDATED 2024E 2024E ($ in millions) Low High Low High Deferring 11 well completions due to Production Volumes (Bcfe) 570 - 590 540 - 560 weak gas prices in 1H 2024 % Liquids ~8% - ~9% ~8% - ~9% % of Natural Gas Hedged 82% 86% (2) Prices on Open Volumes Natural Gas NYMEX ($
Slide 7: GHG Emissions
GHG Emissions CNX is driving Methane Intensity of Top US NG Basins CNX Methane Intensity meaningful by activity reductions on methane intensity The Appalachian Production Segment G&B Segment Production Gathering and Boosting emissions and Basin is the lowest 0.06% continues to target methane intensi
Slide 8: Investor Contacts & Notices
Investor Contacts & Notices a global or domestic health crisis or global instability; our operations and national and global economic conditions, generally; conditions in the oil and gas industry; the financial condition of our customers; any nonperformance by customers of their Investor Relations C