Cnx Resources Corporation · NYSE:CNX
Cnx Resources — Q1 2021 Earnings Presentation
10 slides from Cnx Resources's earnings presentation, Apr 29, 2021
Slide 1: Q1 2021 Update
Cc Q1 2021 Update April 29, 2021
Slide 2: Q1 2021 Highlights
Q1 2021 Highlights “CNX continued to successfully execute its plan by delivering another quarter of 1ST QUARTER SNAPSHOT(1) positive free cash flow, reducing absolute debt, and continuing share buybacks at attractive pricing," commented Nick DeIuliis, president and CEO. “Our ability to $101MM 14% co
Slide 3: Key 2021 Financial Metrics Lead Across Major Indices
Key 2021 Financial Metrics Lead Across Major Indices 14% 30% 2.0x FCF Yield(1) Operating Margin(1) Leverage Ratio(1) percentile S&P 1500 Index 94th 72nd 60th percentile S&P 1500 Industrials 97th 92nd 70th percentile S&P 400 Mid Cap 95th 71st 60th percentile S&P 600 Small Cap 89th 85th 57th Note: Fin
Slide 4: CNX Leads Peers on Key Metrics
CNX Leads Peers on Key Metrics Net Shale Acres and Daily Production(1) Q1 2021/Q4 2020 Production Cash Costs ($/Mcfe)(2)(3) Current Production (MMcfe/d) Net Shale Acres (in 000’s) 2,000 5,000 $2.14 1,579 1,500 3,750 $1.35 $1.44 1,134 $1.19 1,000 781 2,500 811 $0.77 $0.66 515 500 1,250 175 0 0 Peer 1
Slide 5: Low Costs Driving Strong Operating Margins
Low Costs Driving Strong Operating Margins Fully Burdened Cash Costs(1) $1.29 $1.20 $1.17 $0.29 $0.45 $0.27 $1.01 $1.01 Fully burdened $0.18 $0.20 costs expected $/Mcfe $0.17 $0.17 $0.18 $0.21 $0.15 to further decline in long-term plan to average $0.74 $0.73 $0.66 $0.66 $0.62 approximately $0.90 per
Slide 6: Five Consecutive Quarters of Generating Significant FCF
Five Consecutive Quarters of Generating Significant FCF $500 Free Cash Flow (FCF)(1) ~ $450 $450 $400 Five consecutive quarters of $350 generating $300 significant FCF, $ in millions used to pay down $250 debt and return $200 capital to shareholders $150 $129 $121 $101 $100 $85 $50 $21 $0 1Q20 2Q20
Slide 7: Superior Conversion of Production Volumes into Cash Flow
Superior Conversion of Production Volumes into Cash Flow $1.76 TTM Adjusted EBITDA per Mcfe(1) Conversion of production into EBITDA, $1.03 $0.84 $0.84 better than peers $0.76 $0.72 CNX Peer 1 Peer 5 Peer 3 Peer 2 Peer 4 170% 162% TTM Reinvestment Rate(2) Conversion of Capex 112% into FCF, better tha
Slide 8: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Borrowing base reaffirmed at ~$2.4 billion – Significant liquidity Maturities as of March 31, 2021 (Adjusted)(1) ($ in millions) under credit facilities 2500 6% 5.2% 4.8% 5% 2000 4.2% Undrawn Revolver 4% Capacity Net debt reduced by ~$70 million $ in millions 150
Slide 9: Guidance Update
Guidance Update PREVIOUS UPDATED 2021E 2021E ($ in millions) Low High Low High Total Capital Expenditures $430 - $470 $430 - $470 Production Volumes (Bcfe) 540 - 570 540 - 570 % of Natural Gas Hedged 90% 94% Prices on Open Volumes(1) Natural Gas NYMEX ($/MMBtu) $2.78 $2.69 Natural Gas Basis Differen
Slide 10: Investor Contacts & Notices
Investor Contacts & Notices regional and national economic conditions and the impact they may have on our customers; the impact of outbreaks of communicable diseases such as COVID-19 on business activity, our operations and national and global economic conditions, Investor Relations Contact generall