Cnx Resources Corporation · NYSE:CNX
Cnx Resources — Q3 2022 Earnings Presentation
10 slides from Cnx Resources's earnings presentation, Oct 27, 2022
Slide 1: Q3 2022 Update
Q3 2022 Update October 27, 2022
Slide 2: Q3 2022 Highlights
Q3 2022 Highlights “CNX executed another successful quarter of free cash flow per share growth," commented 3RD QUARTER SNAPSHOT(1) Nick Deiuliis, president and CEO. “Our capital allocation strategy is in full effect, and we continue to see an opportunity to repurchase our outstanding shares at price
Slide 3: CNX has Generated ~$1.3 Billion in Free Cash Flow since Q1 2020
CNX has Generated ~$1.3 Billion in Free Cash Flow since Q1 2020 ~$700 $700 Free Cash Flow (FCF)(1) $600 11 consecutive quarters of $500 generating significant FCF, $ in millions $400 used to return capital to shareholders and $300 pay down/manage $234 debt $200 $158 $129 $130 $135 $121 $117 $101 $10
Slide 4: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Significant liquidity under credit Maturities as of September 30, 2022(1) $2,500 9% facilities – Combined elected 8.1% commitments of $1.9 billion 7.5% 7.5% 7.6% 8% $2,000 7% Undrawn Revolver 6% Significant runway before Capacity $1,500 $ in millions nearest bond
Slide 5: 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 CNX has repurchased 46.2 million shares for $687 million(1) 180.5(1) since Q3 2020 at an average price of $14.84 CNX has reduced adjusted net debt(2) by $303 million since Q3 2020 Note: Financial metrics based on company fi
Slide 6: 2022 Guidance Update
2022 Guidance Update PREVIOUS UPDATED 2022E Activity Summary 2022E 2022E ($ in millions) Low High Low High Total Capital Expenditures $550 - $590 $560 - $580 5 Bcfe decrease in production volumes Production Volumes (Bcfe) 575 - 605 580 - 590 based on the midpoint of the new guidance range, when comp
Slide 7: Significant, Low-Risk Free Cash Flow Per Share Growth
Significant, Low-Risk Free Cash Flow Per Share Growth $9.00 32% CAGR Estimated FCF Per Share(1)(2) $8.00 2020-2022E FCF per share expected CAGR of ~60% $7.00 $6.00 Sustainable business model drives $5.00 significant, consistent free cash flow $4.00 generation $3.00 $2.00 FCF per share expected to do
Slide 8: Buyback Philosophy Aligns with Top S&P 1500 Share Repurchasers
Buyback Philosophy Aligns with Top S&P 1500 Share Repurchasers CNX’s buyback program is significantly ahead of some of the most consistent share Cumulative Annual % Reduction in Outstanding Shares repurchasers within the S&P 1500 who share similar capital 63% allocation philosophies 57% Each of thes
Slide 9: Q3 2022 GHG Emissions
Q3 2022 GHG Emissions Scope 1 CO2e Emissions Methane Intensity(1) (000 Metric Tons)(1) Q3 2022 0.120% One Future Production CY2020 Actual Combustion Equipment 81 Significantly 0.100% outperforming Natural Gas Pneumatic Venting 22 0.080% industry Well Venting for Liquids Unloading 21 0.060% benchmark
Slide 10: 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