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CNX Resources slides despite Q4 earnings beat

Jan. 31, 2019 10:35 AM ETCNX Resources Corporation (CNX) StockBy: Vandana Singh, SA News Editor
  • CNX Resources (NYSE:CNX -5.5%) expects minimum base of 2019 production volumes of at least 495-515 Bcfe
  • CNX expects 2019 drilling and completion capital of at least $575M-$625M and ~$175M of capital associated with land, midstream, and water infrastructure; on consolidated basis, the company expects a 2019 capital budget of $1,000M-$1,080M.
  • For 2019, the company expects 2019 consolidated adjusted EBITDAX of $945M-$985M.
  • In Q4, CNX sold 136 Bcfe of natural gas,+14% Y/Y, primarily driven by increase in Marcellus volumes; for full year 2018 production was 507 Bcfe, +25% Y/Y.
  • Average Daily Production increased 14.5% to 1,479.1 MMcfe; consolidated sales price increased 10.4% to $3.09/Mcfe
  • Operating cash margin improves from 59% to 68%
  • Previously: CNX Resources beats by $0.38, beats on revenue (Jan. 31)

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