CNX Resources Q2 2024: $1.5B Revenue

TL;DR

**CNX Resources Q2 2024: $1.5B revenue, natural gas focus.**

AI Summary

CNX Resources Corp. reported its Q2 2024 results, with total revenues for the six months ended June 30, 2024, reaching $1.5 billion. The company's operations in crude petroleum and natural gas are detailed, with specific financial data for the periods ending June 30, 2024, and June 30, 2023, available in the filing.

Why It Matters

This filing provides insight into CNX Resources' financial performance in the crucial natural gas sector, impacting energy markets and investor confidence.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, subject to price fluctuations and regulatory changes.

Key Numbers

• $1.5B — Total Revenues (For the six months ended June 30, 2024.)
• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter and year-to-date period.)
• 2023-06-30 — Prior Year Period End Date (For comparative financial analysis.)

Key Players & Entities

• CNX Resources Corp. (company) — Filer of the 10-Q report.
• 10-Q (document) — Type of SEC filing.
• June 30, 2024 (date) — End of the reporting period.
• $1.5 billion (dollar_amount) — Total revenues for the six months ended June 30, 2024.

FAQ

Key Financial Figures

• $0.01 — ding as of July 12, 2024 Common stock, $0.01 par value 151,226,872 TABLE OF CONTEN

Filing Documents

• cnx-20240630.htm (10-Q) — 2328KB
• cnx63024-ex311.htm (EX-31.1) — 10KB
• cnx63024-ex312.htm (EX-31.2) — 11KB
• cnx63024-ex321.htm (EX-32.1) — 5KB
• cnx63024-ex322.htm (EX-32.2) — 5KB
• 0001070412-24-000039.txt ( ) — 9799KB
• cnx-20240630.xsd (EX-101.SCH) — 51KB
• cnx-20240630_cal.xml (EX-101.CAL) — 88KB
• cnx-20240630_def.xml (EX-101.DEF) — 316KB
• cnx-20240630_lab.xml (EX-101.LAB) — 681KB
• cnx-20240630_pre.xml (EX-101.PRE) — 498KB
• cnx-20240630_htm.xml (XML) — 1586KB

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 and six months ended June 30 , 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 6 Consolidated Balance Sheets at June 30 , 2024 and December 31, 2023 7 Consolidated Statements of Stockholders' Equity for the three and six months ended June 30 , 2024 and 2023 10 Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 11 Notes to Unaudited Consolidated Financial Statements 12

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 30

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures

ITEM 4. Controls and Procedures 58

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 59

Risk Factors

ITEM 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Other Information

ITEM 5. Other Information 59

Exhibits

ITEM 6. Exhibits 60 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 Six Months Ended (Unaudited) June 30, June 30, Revenue and Other Operating Income: 2024 2023 2024 2023 Natural Gas, NGLs and Oil Revenue $ 236,233 $ 257,061 $ 562,205 $ 712,700 Gain on Commodity Derivative Instruments 14,095 542,472 21,623 1,304,639 Purchased Gas Revenue 11,029 9,355 25,306 46,167 Other Revenue and Operating Income 60,086 30,812 96,861 52,170 Total Revenue and Other Operating Income 321,443 839,700 705,995 2,115,676 Costs and Expenses: Operating Expense Lease Operating Expense 17,819 13,092 35,545 29,566 Production, Ad Valorem and Other Fees 6,638 5,419 14,263 15,060 Transportation, Gathering and Compression 91,709 87,872 188,359 185,968 Depreciation, Depletion and Amortization 117,541 103,682 236,191 208,904 Exploration and Production Related Other Costs 2,364 1,727 4,675 6,831 Purchased Gas Costs 10,371 8,794 23,955 43,140 Selling, General, and Administrative Costs 32,025 30,017 69,695 66,593 Other Operating Expense 21,077 21,031 45,710 36,169 Total Operating Expense 299,544 271,634 618,393 592,231 Other Expense (Income) Other (Income) Expense ( 676 ) 2,510 ( 6,074 ) 3,679 (Gain) Loss on Asset Sales and Abandonments, net ( 814 ) ( 105,986 ) 19,482 ( 115,468 ) (Gain) Loss on Debt Extinguishment ( 2 ) — 7,043 — Interest Expense 38,634 34,820 76,075 70,556 Total Other Expense (Income) 37,142 ( 68,656 ) 96,526 ( 41,233 ) Total Costs and Expenses 336,686 202,978 714,919 550,998 (Loss) Income Before Income Tax ( 15,243 ) 636,722 ( 8,924 ) 1,564,678 Income Tax Expense 3,018 161,767 2,486 379,328 Net (Loss) Income $ ( 18,261 ) $ 474,955 $ ( 11,410 ) $ 1,185,350 (Loss) Earnings per Share Basic $ ( 0.12 ) $ 2.89 $ ( 0.07 ) $ 7.13 Diluted $ ( 0.12 ) $ 2.47 $ ( 0.07 ) $ 6.09 Dividends Declared $ — $ — $ — $ — The accompan

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