CNX Resources Corp Files Q1 2024 10-Q Report

TL;DR

<b>CNX Resources Corp. filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

CNX Resources Corp (CNX) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. CNX Resources Corp. reported financial results for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. CNX Resources Corp. is involved in Crude Petroleum & Natural Gas extraction. The company's headquarters are located in Canonsburg, PA.

Why It Matters

For investors and stakeholders tracking CNX Resources Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, enabling them to assess the company's performance and make informed investment decisions. Understanding the company's financial health and operational segments, such as Oil & Gas Exploration and Production, is crucial for evaluating its market position and future prospects.

Risk Assessment

Risk Level: medium — CNX Resources Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative or positive financial disclosures that would drastically alter the risk profile based solely on this document.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify trends in revenue, expenses, and profitability for CNX Resources Corp.

Key Numbers

• 2024-03-31 — Report Date (Conformed period of report)
• 2024-04-25 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 1311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• CNX Resources Corp (company) — Filer
• CONSOL Energy Inc (company) — Former company name
• Canonsburg, PA (location) — Business and mail address

FAQ

Industry Context

CNX Resources Corp. operates within the Crude Petroleum & Natural Gas industry, focusing on exploration and production activities.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the revenue and cost trends for the Oil & Gas Exploration and Production segment.
2. Examine any disclosed changes in debt or equity structure.
3. Review the company's liquidity and cash flow position as presented in the financial statements.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-25: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial data.

Key Financial Figures

• $0.01 — ing as of April 11, 2024 Common stock, $0.01 par value 153,245,448 TABLE OF CONTEN

Filing Documents

• cnx-20240331.htm (10-Q) — 1618KB
• cnx33124-ex311.htm (EX-31.1) — 10KB
• cnx33124-ex312.htm (EX-31.2) — 11KB
• cnx33124-ex321.htm (EX-32.1) — 5KB
• cnx33124-ex322.htm (EX-32.2) — 5KB
• 0001070412-24-000027.txt (&nbsp;) — 8265KB
• cnx-20240331.xsd (EX-101.SCH) — 52KB
• cnx-20240331_cal.xml (EX-101.CAL) — 88KB
• cnx-20240331_def.xml (EX-101.DEF) — 317KB
• cnx-20240331_lab.xml (EX-101.LAB) — 665KB
• cnx-20240331_pre.xml (EX-101.PRE) — 492KB
• cnx-20240331_htm.xml (XML) — 1209KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

ITEM 1. Unaudited Condensed Consolidated Financial Statements Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 202 3 5 Consolidated Statements of Comprehensive Income for the three months ended March 3 1 , 202 4 and 202 3 6 Consolidated Balance Sheets at March 3 1 , 202 4 and December 31, 202 3 7 Consolidated Statements of Stockholders' Equity for the three months ended March 3 1 , 202 4 and 202 3 9 Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 202 3 10 Notes to Unaudited Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 45

Controls and Procedures

ITEM 4. Controls and Procedures 46

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 47

Risk Factors

ITEM 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Other Information

ITEM 5. Other Information 47

Exhibits

ITEM 6. Exhibits 48 GLOSSARY OF CERTAIN OIL AND GAS TERMS The following are certain terms and abbreviations commonly used in the oil and gas industry and included within this Form 10-Q: Bbl - one stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons. BBtu - one billion British Thermal Units. Bcf - one billion cubic feet of natural gas. Bcfe - one billion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. Btu - one British Thermal Unit. Mbbls - one thousand barrels of oil or other liquid hydrocarbons. Mcf - one thousand cubic feet of natural gas. Mcfe - one thousand cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. MMBtu - one million British Thermal Units. MMcfe - one million cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. NGL - natural gas liquids - those hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation or other methods in gas processing plants. Tcfe - one trillion cubic feet of natural gas equivalents, with one barrel of oil being equivalent to 6,000 cubic feet of gas. Basis – when referring to commodity pricing, the difference between the price for a commodity at a primary trading hub and the corresponding sales price at various regional sales points. The differential commonly is related to factors such as product quality, location, transportation capacity availability and contract pricing. Blending - process of mixing dry and damp gas in order to meet downstream pipeline specifications. Condensate - a mixture of hydrocarbons that exists in the gaseous phase at original reservoir temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature. Conventional play - a term used in the oil and natural gas indu

: FINANCIAL INFORMATION

PART I : FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CNX RESOURCES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share data) Three Months Ended (Unaudited) March 31, Revenue and Other Operating Income: 2024 2023 Natural Gas, NGLs and Oil Revenue $ 325,972 $ 455,639 Gain on Commodity Derivative Instruments 7,528 762,167 Purchased Gas Revenue 14,277 36,812 Other Revenue and Operating Income 36,776 21,359 Total Revenue and Other Operating Income 384,553 1,275,977 Costs and Expenses: Operating Expense Lease Operating Expense 17,726 16,474 Production, Ad Valorem and Other Fees 7,624 9,641 Transportation, Gathering and Compression 96,651 98,096 Depreciation, Depletion and Amortization 118,650 105,222 Exploration and Production Related Other Costs 2,312 5,104 Purchased Gas Costs 13,584 34,347 Selling, General, and Administrative Costs 37,671 36,576 Other Operating Expense 24,633 15,139 Total Operating Expense 318,851 320,599 Other Expense Other (Income) Expense ( 5,399 ) 1,168 Loss (Gain) on Asset Sales and Abandonments, net 20,296 ( 9,482 ) Loss on Debt Extinguishment 7,045 — Interest Expense 37,441 35,736 Total Other Expense 59,383 27,422 Total Costs and Expenses 378,234 348,021 Income Before Income Tax 6,319 927,956 Income Tax (Benefit) Expense ( 532 ) 217,561 Net Income $ 6,851 $ 710,395 Earnings per Share Basic $ 0.04 $ 4.22 Diluted $ 0.04 $ 3.61 Dividends Declared $ — $ — The accompanying notes are an integral part of these financial statements. 5 CNX RESOURCES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended (Dollars in thousands) March 31, (Unaudited) 2024 2023 Net Income $ 6,851 $ 710,395 Other Comprehensive Income: Actuarially Determined Long-Term Liability Adjustments (Net of tax: $( 30 ), $( 27 )) 81 72 Comprehensive Income $ 6,932 $ 710,467 The accompanying notes are an integral part of these financia

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View this 10-Q filing on SEC EDGAR