CNX Resources Files Q3 2024 10-Q

TL;DR

CNX Resources Q3 2024 10-Q is in. Check financials.

AI Summary

CNX Resources Corp. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial details for the company's operations in crude petroleum and natural gas. Key financial data and operational metrics for the periods ending September 30, 2024, and September 30, 2023, are detailed within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational data for CNX Resources, crucial for understanding the company's standing in the natural gas sector.

Risk Assessment

Risk Level: medium — As a natural gas producer, CNX Resources is subject to commodity price volatility and regulatory changes, which inherently carry medium risk.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
• 2024-09-30 — Fiscal Year End (End of the reporting period for the 10-Q)
• 2024-01-01 to 2024-09-30 — Year-to-Date Period (Financial data for the first nine months of 2024)
• 2023-01-01 to 2023-09-30 — Prior Year Period (Comparative financial data for the first nine months of 2023)

Key Players & Entities

• CNX Resources Corp (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Filing date
• Canonsburg, PA (location) — Company headquarters
• CONSOL Energy Inc (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — ng as of October 9, 2024 Common stock, $0.01 par value 149,271,235 TABLE OF CONTEN

Filing Documents

• cnx-20240930.htm (10-Q) — 2309KB
• cnx93024-ex311.htm (EX-31.1) — 10KB
• cnx93024-ex312.htm (EX-31.2) — 11KB
• cnx93024-ex321.htm (EX-32.1) — 5KB
• cnx93024-ex322.htm (EX-32.2) — 5KB
• 0001070412-24-000061.txt ( ) — 9760KB
• cnx-20240930.xsd (EX-101.SCH) — 51KB
• cnx-20240930_cal.xml (EX-101.CAL) — 88KB
• cnx-20240930_def.xml (EX-101.DEF) — 314KB
• cnx-20240930_lab.xml (EX-101.LAB) — 680KB
• cnx-20240930_pre.xml (EX-101.PRE) — 497KB
• cnx-20240930_htm.xml (XML) — 1582KB

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 nine months ended Sep tember 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 7 Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 10 Consolidated Statements of Cash Flows for the nine months ended September 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 56

Controls and Procedures

ITEM 4. Controls and Procedures 57

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 58

Risk Factors

ITEM 1A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

Other Information

ITEM 5. Other Information 58

Exhibits

ITEM 6. Exhibits 59 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 Nine Months Ended (Unaudited) September 30, September 30, Revenue and Other Operating Income: 2024 2023 2024 2023 Natural Gas, NGLs and Oil Revenue $ 259,459 $ 255,124 $ 821,664 $ 967,823 Gain on Commodity Derivative Instruments 88,964 47,803 110,587 1,352,442 Purchased Gas Revenue 27,306 11,135 52,612 57,302 Other Revenue and Operating Income 48,484 36,444 145,345 88,614 Total Revenue and Other Operating Income 424,213 350,506 1,130,208 2,466,181 Costs and Expenses: Operating Expense Lease Operating Expense 17,253 16,573 52,798 46,139 Production, Ad Valorem and Other Fees 6,646 8,131 20,909 23,191 Transportation, Gathering and Compression 96,274 95,820 284,633 281,788 Depreciation, Depletion and Amortization 121,227 111,855 357,418 320,758 Exploration and Production Related Other Costs 1,935 1,600 6,610 8,431 Purchased Gas Costs 26,594 10,694 50,549 53,834 Selling, General, and Administrative Costs 32,498 29,213 102,194 95,806 Other Operating Expense 16,462 26,057 62,172 62,226 Total Operating Expense 318,889 299,943 937,283 892,173 Other Expense (Income) Other (Income) Expense ( 4,590 ) 1,454 ( 10,664 ) 5,133 (Gain) Loss on Asset Sales and Abandonments, net ( 10,570 ) ( 5,524 ) 8,912 ( 120,992 ) Loss on Debt Extinguishment — — 7,043 — Interest Expense 37,923 35,391 113,997 105,947 Total Other Expense (Income) 22,763 31,321 119,288 ( 9,912 ) Total Costs and Expenses 341,652 331,264 1,056,571 882,261 Income Before Income Tax 82,561 19,242 73,637 1,583,920 Income Tax Expense (Benefit) 17,021 ( 2,139 ) 19,507 377,189 Net Income $ 65,540 $ 21,381 $ 54,130 $ 1,206,731 Earnings per Share Basic $ 0.44 $ 0.13 $ 0.36 $ 7.34 Diluted $ 0.37 $ 0.12 $ 0.32 $ 6.24 Dividends Declared $ — $ — $ — $ — The accompanying notes are an integral part

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