Slide 1: Q4 2023 Update
Q4 2023 Update January 25, 2024
Slide 2: Q4 2023 Highlights
Q4 2023 Highlights “The fourth quarter represented the 16th consecutive quarter of free cash flow generation," Q4 2023 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 o
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) 16 consecutive $300 ~$300 quarters of $276 generating positive $234 FCF, used to return $ in millions capital to $200 shareholders and $158 pay down/manage $129 $130 $135 $135 $121 debt $101 $117 $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 ~33% reduction in total shares outstanding CNX has since Q3 2020 repurchased 74.0 million shares, at an 153.8(1) -12% CAGR, for $1.2 billion(1) since Q3 2020 at an average price of $15.96 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 December 31, 2023(1) facilities – Combined elected $2,500 8% commitments of $1.95 billion 6.8% 6.8% 7.0% 7.0% 7% $2,000 6% Undrawn Revolver Significant runway before Capacity $1,500 $ in millions 5% nearest bond
Slide 6: 2024 Guidance
2024 Guidance 2024E 2024E ($ in millions) Low High Reaffirming 2024 production volumes: Production Volumes (Bcfe) 570 - 590 Expected to be ~580 Bcfe, based on % Liquids ~8% - ~9% the midpoint of range % of Natural Gas Hedged 82% (1) Prices on Open Volumes Natural Gas NYMEX ($/MMBtu) $2.89 Natural Ga
Slide 7: GHG Emissions
GHG Emissions Methane Intensity of Top US NG Basins CNX Methane Intensity CNX is driving by activity meaningful The Appalachian Production Segment G&B Segment Production Gathering and Boosting reductions on Basin is the lowest 0.06% methane intensity methane intensity emissions and basin in the U.S.
Slide 8: 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