PITTSBURGH, July 30, 2020 /PRNewswire/ -- CNX Resources
Corporation (NYSE: CNX) ("CNX" or "the company") today announced
the following financial and operational results:
Second Quarter Highlights
- Reported a net loss attributable to CNX shareholders of
$146 million, or a loss of
$0.78 per diluted share, including an
unrealized loss on commodity derivative instruments of $206 million.
- Adjusted net income (a non-GAAP measure)(1) was
$24 million.
- Adjusted EBITDAX (a non-GAAP measure)(1) was
$212 million.
- Net cash provided by operating activities was $144 million and capital expenditures were
$135 million.
- Proceeds from asset sales were $12
million.
- Consolidated free cash flow (FCF) (a non-GAAP
measure)(1) was $21
million.
- Received $29 million in net
proceeds from monetizing and terminating approximately 39 million
MMBtus of NYMEX natural gas hedges and a similar quantity of
financial basis hedges that were to settle at various times from
May through November of 2020.
- Completed private offering of $345
million aggregate principal amount of 2.25% convertible
senior notes due 2026.
-
- Used net proceeds of convertible debt offering to pay down
5.875% notes due in 2022. CNX has paid down the aggregate principal
amount of its 2022 notes by approximately $482 million year-to-date.
"The second quarter highlights our philosophy in action with
lower quarterly production cash costs, positive free cash flow, a
balance sheet strengthening convertible notes offering, and
navigating a challenging commodity price environment by efficiently
deferring volumes to higher price periods," commented Nicholas J. DeIuliis, president and CEO. "We
remain committed to making capital allocation decisions to maximize
the long-term intrinsic value per share of the company."
Mr. DeIuliis continued, "There are three main tenets that
underlay our plan. First, we generate free cash flow on a day in,
and day out basis. Our programmatic hedging helps drive our free
cash flow generation and will continue to be a key tactic in the
future. There are various other considerations that drive the free
cash flow generation of the company such as low lease operating
expense and low capital intensity; our blending strategy to avoid
expensive processing fees; and our ability to reuse frac water to
maintain a healthy water balance, to name a few. Second, we take
the organic free cash flow that we generate and roll in a very
modest amount of assets sales, which produce our cumulative free
cash flow. Over our 7-year plan, we expect to generate over
$3 billion of cumulative free cash
flow(a), which leads to the third and last tenet:
allocate that free cash flow into the right places at the right
times. We are constantly evaluating redeploying capital back into
the drill-bit, reducing debt, share buybacks, and M&A. We want
to allocate capital to the right places, while maintaining great
liquidity. Given the continued weakness in gas macro, our focus
remains on debt reduction, which we feel is the best way to
maximize the long-term intrinsic value per share of the company at
this time."
(1) The Non-GAAP
financial measures referenced throughout are defined and reconciled
under the caption "Non-GAAP Financial Measures" below.
|
Second Quarter Financial Results:
The following table
represents certain non-GAAP financial measures used by the
company:1
|
|
Quarter
|
|
Quarter
|
|
|
|
Quarter
|
|
Quarter
|
|
|
|
|
Ended
|
|
Ended
|
|
|
|
Ended
|
|
Ended
|
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
|
|
June 30,
2020
|
|
June 30,
2019
|
|
|
(Dollars in
millions, except per share data)
|
|
Stand-alone
|
|
% Increase/
(Decrease)
|
|
Consolidated
|
|
% Increase/
(Decrease)
|
Adjusted Net (Loss)
Income
|
|
$
|
(7)
|
|
|
$
|
12
|
|
|
(158.3)
|
%
|
|
$
|
24
|
|
|
$
|
57
|
|
|
(57.9)
|
%
|
Adjusted
EBITDAX
|
|
$
|
166
|
|
|
$
|
175
|
|
|
(5.1)
|
%
|
|
$
|
212
|
|
|
$
|
222
|
|
|
(4.5)
|
%
|
Capital
Expenditures2
|
|
$
|
121
|
|
|
$
|
226
|
|
|
(46.5)
|
%
|
|
$
|
135
|
|
|
$
|
329
|
|
|
(59.0)
|
%
|
|
1The
Non-GAAP financial measures in the table above are defined and
reconciled to GAAP net (loss) income, under the caption "Non-GAAP
Financial Measures" below.
|
2Capital
expenditures exclude $14.0 million and $103.4 million of total
capital investment net to CNX Midstream Partners LP ("CNXM") in the
second quarter of 2020 and 2019, respectively, as reported in CNXM
Second Quarter Results.
|
Operations:
During the quarter, CNX used up to two horizontal rigs and
drilled eight wells. The company currently has one rig in operation
along with one frac crew. During the quarter, the company utilized
one all-electric frac crew to complete 11 wells, which included
eight Southwest Pennsylvania Marcellus Shale wells and three
Monroe County, Ohio, Utica Shale
wells. In the first quarter, CNX turned-in-line six wells.
During the quarter, volumes decreased due to the temporary
shut-in of a portion of CNX's liquids-rich Shirley-Pennsboro
production in May and June of 2020 in response to low NGL prices.
Additionally, two new pads of dry gas turn-in-lines from April and
May were temporarily shut-in May and June due to low natural gas
prices. These decisions were made to take advantage of improved gas
prices at the start of winter.
CNX's natural gas and liquids production in the quarter came
from the following categories:
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
6/30/2020
|
|
6/30/2019
|
|
3/31/2020
|
GAS
|
|
|
|
|
|
|
Marcellus Sales
Volumes (Bcf)
|
|
75.3
|
|
84.3
|
|
87.6
|
Utica Sales Volumes
(Bcf)
|
|
21.2
|
|
28.1
|
|
24.8
|
CBM Sales Volumes
(Bcf)
|
|
13.1
|
|
13.9
|
|
13.2
|
Other Sales Volumes
(Bcf)
|
|
—
|
|
0.1
|
|
0.1
|
|
|
|
|
|
|
|
LIQUIDS(1)
|
|
|
|
|
|
|
NGLs Sales Volumes
(Bcfe)
|
|
4.7
|
|
7.9
|
|
8.3
|
Oil Sales Volumes
(Bcfe)
|
|
—
|
|
—
|
|
0.1
|
Condensate Sales
Volumes (Bcfe)
|
|
0.2
|
|
0.2
|
|
0.3
|
|
|
|
|
|
|
|
TOTAL
(Bcfe)
|
|
114.5
|
|
134.5
|
|
134.4
|
|
|
|
|
|
|
|
Average Daily
Production (MMcfe)
|
|
1,258.3
|
|
1,477.6
|
|
1,476.5
|
|
1NGLs, Oil
and Condensate are converted to Mcfe at the rate of one barrel
equals six Mcf based upon the approximate relative energy content
of oil and natural gas, which is not indicative of the relationship
of oil, NGLs, condensate, and natural gas prices.
|
The following table highlights operating cash margins and fully
burdened cash margins:
|
|
Quarter
|
|
Quarter
|
|
|
Ended
|
|
Ended
|
(Per Mcfe)
|
|
June 30,
2020
|
|
June 30,
2019
|
Average Sales Price -
E&P
|
|
$
|
2.52
|
|
|
$
|
2.63
|
|
Total Production Cash
Costs1
|
|
1.05
|
|
|
1.18
|
|
Operating Cash
Margin
|
|
$
|
1.47
|
|
|
$
|
1.45
|
|
Operating Cash Margin
(%)
|
|
58
|
%
|
|
55
|
%
|
|
|
|
|
|
Total Fully Burdened
Cash Costs2
|
|
$
|
1.75
|
|
|
$
|
1.70
|
|
Fully Burdened Cash
Margin
|
|
$
|
0.77
|
|
|
$
|
0.93
|
|
Fully Burdened Cash
Margin (%)
|
|
31
|
%
|
|
35
|
%
|
|
1See the
"Price and Cost Data Per Mcfe" table below for reconciliation to
Total Production Costs.
|
2Fully
burdened cash costs include production cash costs, selling, general
and administrative (SG&A) cash costs, other operating cash
expense, other cash (income) expense, and interest expense. Q2 2020
and Q2 2019 total fully burdened cash costs exclude a gain on asset
sales of $0.07 per Mcfe and $0.00 per Mcfe, respectively. Q2 2020
and Q2 2019 also excludes unrealized losses on interest rate swaps
of $0.05 per Mcfe and $0.00 per Mcfe, respectively.
|
PRICE AND COST DATA PER MCFE — Quarter-to-Quarter
Comparison:
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
Ended
|
|
Ended
|
|
Ended
|
(Per Mcfe)
|
|
June 30,
2020
|
|
June 30,
2019
|
|
March 31,
2020
|
Average Sales Price -
Gas
|
|
$
|
1.54
|
|
|
$
|
2.51
|
|
|
$
|
1.83
|
|
Average Gain on
Commodity Derivative Instruments - Cash Settlement- Gas*
|
|
$
|
1.03
|
|
|
$
|
0.08
|
|
|
$
|
0.77
|
|
Average Sales Price -
Oil**
|
|
$
|
5.15
|
|
|
$
|
8.42
|
|
|
$
|
7.87
|
|
Average Sales Price -
NGLs**
|
|
$
|
1.31
|
|
|
$
|
3.06
|
|
|
$
|
2.34
|
|
Average Sales Price -
Condensate**
|
|
$
|
4.20
|
|
|
$
|
7.56
|
|
|
$
|
6.28
|
|
|
|
|
|
|
|
|
Average Sales Price -
E&P
|
|
$
|
2.52
|
|
|
$
|
2.63
|
|
|
$
|
2.59
|
|
|
|
|
|
|
|
|
Lease Operating
Expense (LOE)
|
|
$
|
0.09
|
|
|
$
|
0.15
|
|
|
$
|
0.07
|
|
Production, Ad
Valorem, and Other Fees
|
|
0.05
|
|
|
0.05
|
|
|
0.05
|
|
Transportation,
Gathering and Compression
|
|
0.91
|
|
|
0.98
|
|
|
0.99
|
|
Depreciation,
Depletion and Amortization (DD&A)
|
|
0.87
|
|
|
0.89
|
|
|
0.87
|
|
Total Production
Costs
|
|
$
|
1.92
|
|
|
$
|
2.07
|
|
|
$
|
1.98
|
|
|
|
|
|
|
|
|
Total Production Cash
Costs, before DD&A
|
|
$
|
1.05
|
|
|
$
|
1.18
|
|
|
$
|
1.11
|
|
Cash Margin, before
DD&A
|
|
$
|
1.47
|
|
|
$
|
1.45
|
|
|
$
|
1.48
|
|
|
*Excluding
gain from hedge monetization in Q2 2020 and Q1 2020.
|
**NGLs,
Oil, and Condensate are converted to Mcfe at the rate of one barrel
equals six Mcf based upon the approximate relative energy content
of oil and natural gas, which is not indicative of the relationship
of oil, NGLs, condensate, and natural gas prices.
|
Note: "Total
Production Costs" excludes Selling, General, and Administration and
Other Operating Expenses.
|
In the second quarter of 2020, total production costs were lower
compared to the year-earlier quarter, due to improvements to LOE,
transportation, gathering and compression, taxes, and DD&A. The
primary driver to the improvement to LOE was a decrease in water
disposal costs due to an increase in the reuse of produced water in
well completions activity. The primary driver to improvement to
transportation, gathering, and compression costs was due to the
decline in processing fees due to a drier Marcellus production mix.
The full commissioning of the Dry Ridge and Buckland compressor stations throughout the
second half of 2019 allowed the majority of the gas produced from
the Richhill Marcellus Shale field to avoid processing through
blending.
Marketing:
Total hedged natural gas production in the 2020 third quarter is
88.9(1) Bcf. The annual gas hedge position is shown in
the table below:
|
|
2020
|
|
2021
|
Volumes Hedged (Bcf),
as of 7/8/20
|
|
437.4(1)(2)
|
|
454.1
|
|
|
1Net of
purchased swaps.
|
2Includes
actual settlements of 254.0 Bcf.
|
In April 2020, CNX monetized and
terminated approximately 39 million MMBtus of NYMEX natural gas
hedges and a similar quantity of financial basis hedges that were
to settle at various times from May through November of 2020. In
connection with these monetizations, CNX received $29 million of net proceeds. In addition, during
the second quarter of 2020, CNX purchased financial swaps for May
through November of 2020 under which CNX will pay a fixed price to
and receive a floating price from its hedge counterparties. These
moves gave CNX additional flexibility to move production to higher
price periods while immediately taking the monetization
proceeds.
CNX's hedged gas volumes include a combination of NYMEX
financial hedges, index (NYMEX and basis) financial hedges, and
physical fixed price sales. In addition, to protect the NYMEX hedge
volumes from basis exposure, CNX enters into basis-only financial
hedges and physical sales with fixed basis at certain sales points.
CNX's gas hedge position through 2024 as of July 8, 2020, excluding the 2020 purchased swaps,
is shown in the table immediately below.
|
|
Q3
2020
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
NYMEX Only
Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes
(Bcf)
|
|
100.2
|
|
|
447.3
|
|
|
413.6
|
|
|
271.7
|
|
|
142.6
|
|
|
145.4
|
|
Average Prices
($/Mcf)
|
|
$
|
2.90
|
|
|
$
|
2.94
|
|
|
$
|
2.94
|
|
|
$
|
2.85
|
|
|
$
|
2.81
|
|
|
$
|
2.90
|
|
Physical Fixed
Price Sales and Index Hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes
(Bcf)
|
|
2.8
|
|
|
12.4
|
|
|
22.3
|
|
|
14.2
|
|
|
27.7
|
|
|
11.0
|
|
Average Prices
($/Mcf)
|
|
$
|
2.44
|
|
|
$
|
2.45
|
|
|
$
|
2.51
|
|
|
$
|
2.61
|
|
|
$
|
2.17
|
|
|
$
|
2.28
|
|
Total Volumes
Hedged (Bcf)1
|
|
103.0
|
|
|
459.7
|
|
|
435.9
|
|
|
285.9
|
|
|
170.3
|
|
|
156.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX + Basis
(fully-covered volumes)2
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes
(Bcf)
|
|
103.0
|
|
|
459.7
|
|
|
435.9
|
|
|
285.9
|
|
|
170.3
|
|
|
156.4
|
|
Average Prices
($/Mcf)
|
|
$
|
2.47
|
|
|
$
|
2.55
|
|
|
$
|
2.46
|
|
|
$
|
2.32
|
|
|
$
|
2.25
|
|
|
$
|
2.32
|
|
NYMEX Only Hedges
Exposed to Basis
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes
(Bcf)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Average Prices
($/Mcf)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Volumes
Hedged (Bcf)1
|
|
103.0
|
|
|
459.7
|
|
|
435.9
|
|
|
285.9
|
|
|
170.3
|
|
|
156.4
|
|
|
1Excludes
basis hedges in excess of NYMEX hedges in Q3 2020, 2020, 2021,
2022, 2023, and 2024 of 2.1 Bcf, 9.5 Bcf, 18.2 Bcf, 44.2 Bcf, 26.0
Bcf, and 19.1 Bcf, respectively.
|
2Includes
physical sales with fixed basis in Q3 2020, 2020, 2021, and 2022 of
19.4 Bcf, 85.2 Bcf, 74.2 Bcf, and 4.0 Bcf, respectively.
|
During the second quarter of 2020, CNX added (sold) additional
NYMEX natural gas swaps of 1.7 Bcf, 20.5 Bcf, 6.7 Bcf, 6.7 Bcf, 6.8
Bcf, and 0.9 Bcf for 2020, 2021, 2022, 2023, 2024, and 2025,
respectively and additional index natural gas swaps of 1.0 Bcf and
0.8 Bcf for 2020 and 2021, respectively. To help mitigate
basis exposure on NYMEX hedges, in the second quarter CNX added 3.1
Bcf, 11.7 Bcf, 28.6 Bcf, 25.2 Bcf, 25.5 Bcf, and 6.8 Bcf of basis
hedges for 2020, 2021, 2022, 2023, 2024, and 2025,
respectively.
Finance:
At June 30, 2020, CNX's
Stand-alone net debt to trailing-twelve-months (TTM) adjusted
Stand-alone EBITDAX (including distributions from CNXM) (a non-GAAP
measure)(1) was 2.3x. On a consolidated basis, CNX's net
debt to TTM adjusted EBITDAX (a non-GAAP measure)(1) was
2.6x.
At June 30, 2020, CNX's credit
facility had $550 million of
borrowings outstanding and $205
million of letters of credit outstanding.
During the quarter, the company completed the private offering
of $345 million aggregate principal
amount of its 2.25% convertible senior notes due 2026. The company
used the net proceeds to pay down a portion of its 5.875% notes due
in 2022. As of June 30, 2020, the
company had an aggregate principal balance of its 5.875% notes due
in 2022 of approximately $414
million. The company has paid down the aggregate principal
amount of these notes by approximately $482
million year-to-date.
CNX did not repurchase any shares of common stock during the
second quarter of 2020.
Guidance Update:(a)
2020 Guidance Update:
CNX reaffirms its 2020
production volumes of 490-530 Bcfe. Due to the pricing contango in
2020, the company shut-in certain wells starting in May to take
advantage of anticipated higher price months later in the year. If
the current gas price contango continues through the summer, the
company expects that these shut-in wells will be back online in
early November. Even though this would result in the company being
at the lower end of the production range, the company would expect
to be at the high-end of the adjusted EBITDAX range under this
scenario.
Adjusted
EBITDAX(1)
|
|
Reaffirmed
|
|
|
2020E
|
($ in millions,
except per share data)
|
|
Low
|
|
High
|
Consolidated
|
|
$830
|
-
|
$900
|
|
(1) Updated EBITDAX
based on NYMEX forward strip as of July 8, 2020.
|
|
|
Capital
Expenditures
|
|
Reaffirmed
|
|
|
2020E
|
($ in
millions)
|
|
Low
|
|
High
|
Drilling &
Completion (D&C)
|
|
$330
|
-
|
$380
|
Non-D&C
|
|
$140
|
-
|
$170
|
Pro Forma Total
Capital
|
|
$470
|
-
|
$550
|
In 2020, CNX reaffirms FCF(a) of approximately
$300 million.
2021 Guidance Update:
As previously discussed, the
company believes that the decision to manage production through
well shut-ins during the second quarter in 2020 will positively
impact 2021 results. The company continues to expect the following
results in 2021: production volumes of approximately 550 Bcfe,
total capital expenditures of approximately $440 million, and EBITDAX(a) of
approximately $920 million. Due to
the recently-announced CNXM transaction, the company expects
FCF(a) of approximately $425
million, which is an increase of $25
million from the previous guidance. If 2021 gas prices
strengthen further, the company could produce approximately 600
Bcfe, or if gas prices weaken, the company has the flexibility to
reduce activity. The company anticipates that the bulk of the FCF
in 2021, like 2020, will be used to reduce the company's absolute
debt and leverage ratio.
2022-2026 Guidance:
CNX expects to shift to a
maintenance of production (MOP) plan in 2022-2026. Over this time
period, the company continues to expect average production volumes
of approximately 560 Bcfe by turning-in-line 25 wells each year on
average. Due to the recently-announced CNXM transaction, CNX
expects annual FCF(a) for 2022-2026 to average
$515 million each year, compared to
the previous guidance of $500 million
of consolidated FCF.
2020-2026 Cumulative:
CNX expects cumulative FCF(a) over its 7-year plan to be
over $3.0 billion.
(a) CNX is unable to
provide a reconciliation of projected financial results contained
in this release, including FCF, adjusted EBITDAX, fully burdened
cash costs and other metrics to their respective comparable
financial measure calculated in accordance with GAAP. This is due
to our inability to calculate the comparable GAAP projected
metrics, including operating income and total production costs,
given the unknown effect, timing, and potential significance of
certain income statement items.
|
CNX Acquiring All Outstanding Common Units of CNX Midstream
Partners LP
On July 27, 2020,
CNX and CNXM announced that they have entered into a definitive
merger agreement pursuant to which CNX will acquire all of the
outstanding common units of CNXM that it does not already own in
exchange for CNX common stock valued at approximately $357 million, based on the most recent closing
price of CNX common stock.
Video Presentation
CNX has pre-recorded a video
presentation that not only thoroughly examines the take-private
transaction, but also reviews the CNX investment thesis and why the
company believes it is a non-replicable, best-in-class E&P
company. The video can be accessed at: https://vimeo.com/441806879,
or by visiting the "Investor Relations" page of CNX's website at
www.cnx.com, or on the 'News and Events' page of the CNX Midstream
website at cnxmidstream.com. Presentation materials are available
on each company's website.
Earnings Conference Call Details
As previously
disclosed, CNX will hold its earnings call for the second quarter
on Thursday, July 30.
CNX Resources (NYSE: CNX)
- 10:00 a.m. ET: Thursday, July 30
- Dial-In: 855-656-0928 (domestic) 412-902-4112
(international)
- Reference "CNX Resources Call"
- Webcast: investors.cnx.com
About CNX
CNX Resources Corporation (NYSE: CNX) is one of the largest
independent natural gas exploration, development and production
companies, with operations centered in the major shale formations
of the Appalachian basin. The company deploys an organic growth
strategy focused on responsibly developing its resource base. As of
December 31, 2019, CNX had 8.4
trillion cubic feet equivalent of proved natural gas reserves. The
company is a member of the Standard & Poor's Midcap 400 Index.
Additional information may be found at www.cnx.com.
Non-GAAP Financial Measures
CNX's management uses certain non-GAAP financial measures for
planning, forecasting and evaluating business and financial
performance, and believes that they are useful for investors in
analyzing the company. Stand-alone results include both CNX's
Exploration & Production (E&P) and Unallocated segments
(but not the Midstream segment) plus distributions CNX receives
from CNXM. CNX believes that providing stand-alone results provides
investors with more transparency and a better ability to compare
CNX's financial results to those of our peer group. The term
"consolidated" includes 100% of the results of CNX, CNX Gathering
LLC, and CNXM on a consolidated basis.
Definitions: EBIT is defined as earnings before
deducting net interest expense (interest expense less interest
income) and income taxes. EBITDAX is defined as earnings
before deducting net interest expense (interest expense less
interest income), income taxes, depreciation, depletion and
amortization, and exploration. Adjusted EBITDAX consolidated is
defined as EBITDAX after adjusting for the discrete items listed
below. Stand-alone EBITDAX is defined as the adjusted EBITDAX
related to both CNX's E&P and Unallocated segments (See Note 24
- Segment Information in CNX's Annual Report on Form 10-K as filed
with the Securities and Exchange Commission for more information)
plus the distributions CNX receives during the current period from
CNXM related to its limited partnership units (including general
partner units, and incentive distribution rights (IDRs) prior to
the IDR elimination transaction in the first quarter of 2020).
Although EBIT, EBITDAX, Stand-alone EBITDAX and adjusted EBITDAX
consolidated are not measures of performance calculated in
accordance with generally accepted accounting principles,
management believes that they are useful to an investor in
evaluating CNX Resources because they are widely used to evaluate a
company's operating performance. We exclude stock-based
compensation from adjusted EBITDAX because we do not believe it
accurately reflects the actual operating expense incurred during
the relevant period and may vary widely from period to period
irrespective of operating results. Investors should not view these
metrics as a substitute for measures of performance that are
calculated in accordance with generally accepted accounting
principles. In addition, because all companies do not
calculate EBIT, EBITDAX, Stand-alone EBITDAX or adjusted EBITDAX
consolidated identically, the presentation here may not be
comparable to similarly titled measures of other companies.
Adjusted EBITDAX per outstanding share, adjusted net income per
outstanding share, Stand-alone EBITDAX and adjusted EBITDAX
consolidated are not measures of performance calculated in
accordance with generally accepted accounting
principles. Management believes that these financial measures
are useful to an investor in evaluating CNX Resources because (i)
analysts utilize these metrics when evaluating company performance
and, (ii) given that we have an active share repurchase program,
analysts have requested this information as of a recent practicable
date, and we want to provide updated information to
investors.
Reconciliation of EBIT, EBITDAX, adjusted EBITDAX consolidated,
Stand-alone EBITDAX, adjusted net income, net debt, organic free
cash flow, free cash flow and TTM EBITDAX to the most directly
comparable GAAP financial measures is as follows:
|
Three Months
Ended
|
|
June 30,
2020
|
Dollars in
thousands
|
Stand-alone1
|
|
Midstream
|
|
Total
Company
|
Net (Loss)
Income
|
$
|
(160,781)
|
|
|
$
|
30,295
|
|
|
$
|
(130,486)
|
|
Interest
Expense
|
37,638
|
|
|
8,618
|
|
|
46,256
|
|
Interest
Income
|
(322)
|
|
|
(1)
|
|
|
(323)
|
|
Income Tax
Benefit
|
(28,646)
|
|
|
—
|
|
|
(28,646)
|
|
Earnings Before
Interest & Taxes (EBIT)
|
$
|
(152,111)
|
|
|
$
|
38,912
|
|
|
$
|
(113,199)
|
|
Depreciation,
Depletion & Amortization
|
102,901
|
|
|
10,644
|
|
|
113,545
|
|
Exploration
Expense
|
3,093
|
|
|
217
|
|
|
3,310
|
|
Earnings Before
Interest, Taxes, DD&A and Exploration (EBITDAX)
|
$
|
(46,117)
|
|
|
$
|
49,773
|
|
|
$
|
3,656
|
|
Adjustments:
|
|
|
|
|
|
Unrealized Loss on
Commodity Derivative Instruments
|
$
|
205,558
|
|
|
$
|
—
|
|
|
$
|
205,558
|
|
Loss on Debt
Extinguishment
|
344
|
|
|
—
|
|
|
344
|
|
Stock-Based
Compensation
|
2,186
|
|
|
380
|
|
|
2,566
|
|
Severance
Expense
|
120
|
|
|
—
|
|
|
120
|
|
Total Pre-tax
Adjustments
|
$
|
208,208
|
|
|
$
|
380
|
|
|
$
|
208,588
|
|
Adjusted EBITDAX
Consolidated
|
$
|
162,091
|
|
|
$
|
50,153
|
|
|
$
|
212,244
|
|
Midstream
Distributions
|
3,954
|
|
|
N/A
|
|
|
N/A
|
|
Stand-alone
EBITDAX
|
$
|
166,045
|
|
|
N/A
|
|
|
N/A
|
|
|
1
Stand-alone includes both CNX's E&P and Unallocated segments.
See Note 24 - Segment Information in CNX's Annual Report on Form
10-K for the fiscal year ended December 31, 2019, as filed with the
Securities and Exchange Commission, for more
information.
|
|
Three Months
Ended
|
|
June 30,
2019
|
Dollars in
thousands
|
Stand-alone1
|
|
Midstream
|
|
Total
Company
|
Net Income
|
$
|
148,281
|
|
|
$
|
44,413
|
|
|
$
|
192,694
|
|
Interest
Expense
|
32,467
|
|
|
7,685
|
|
|
40,152
|
|
Interest
Income
|
(71)
|
|
|
—
|
|
|
(71)
|
|
Income Tax
Expense
|
40,791
|
|
|
—
|
|
|
40,791
|
|
Earnings Before
Interest & Taxes (EBIT)
|
$
|
221,468
|
|
|
$
|
52,098
|
|
|
$
|
273,566
|
|
Depreciation,
Depletion & Amortization
|
120,705
|
|
|
8,294
|
|
|
128,999
|
|
Exploration
Expense
|
5,567
|
|
|
—
|
|
|
5,567
|
|
Earnings Before
Interest, Taxes, DD&A and Exploration (EBITDAX)
|
$
|
347,740
|
|
|
$
|
60,392
|
|
|
$
|
408,132
|
|
Adjustments:
|
|
|
|
|
|
Unrealized Gain on
Commodity Derivative Instruments
|
$
|
(210,909)
|
|
|
$
|
—
|
|
|
$
|
(210,909)
|
|
Severance
Expense
|
1,182
|
|
|
—
|
|
|
1,182
|
|
Loss on Debt
Extinguishment
|
77
|
|
|
—
|
|
|
77
|
|
Stock-Based
Compensation
|
23,333
|
|
|
540
|
|
|
23,873
|
|
Total Pre-tax
Adjustments
|
$
|
(186,317)
|
|
|
$
|
540
|
|
|
$
|
(185,777)
|
|
Adjusted EBITDAX
Consolidated
|
$
|
161,423
|
|
|
$
|
60,932
|
|
|
$
|
222,355
|
|
Midstream
Distributions
|
13,251
|
|
|
N/A
|
|
|
N/A
|
|
Stand-alone
EBITDAX
|
$
|
174,674
|
|
|
N/A
|
|
|
N/A
|
|
|
1
Stand-alone includes both CNX's E&P and Unallocated segments.
See Note 24 - Segment Information in CNX's Annual Report on Form
10-K for fiscal year ended December 31, 2019, as filed with the
Securities and Exchange Commission, for more
information.
|
Reconciliation of
Adjusted Net Income
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Dollars in
thousands
|
Stand-alone1
|
|
Stand-alone1
|
|
Total
Company
|
|
Total
Company
|
Net (Loss) Income
from EBITDAX Reconciliation
|
$
|
(160,781)
|
|
|
$
|
148,281
|
|
|
$
|
(130,486)
|
|
|
$
|
192,694
|
|
Adjustments:
|
|
|
|
|
|
|
|
Total Pre-tax
Adjustments from EBITDAX Reconciliation
|
208,208
|
|
|
(186,317)
|
|
|
208,588
|
|
|
(185,777)
|
|
Tax Effect of
Adjustments
|
(54,409)
|
|
|
50,530
|
|
|
(54,508)
|
|
|
50,383
|
|
Adjusted Net
(Loss) Income
|
$
|
(6,982)
|
|
|
$
|
12,494
|
|
|
$
|
23,594
|
|
|
$
|
57,300
|
|
|
1
Stand-alone includes both CNX's E&P and Unallocated segments.
See Note 24 - Segment Information in CNX's Annual Report on Form
10-K for the fiscal year ended December 31, 2019, as filed with the
Securities and Exchange Commission, for more
information.
|
Management uses net debt to determine the company's outstanding
debt obligations that would not be readily satisfied by its cash
and cash equivalents on hand. Management believes that using net
debt attributable to CNX Resources shareholders is useful to
investors in determining the company's leverage ratio since the
company could choose to use its cash and cash equivalents to retire
debt.
Net
Debt
|
June 30,
2020
|
|
Stand-alone1
|
|
Midstream
|
|
Total
Company
|
Total Long-Term Debt
(GAAP)2
|
$
|
1,849,563
|
|
|
$
|
713,635
|
|
|
$
|
2,563,198
|
|
Less: Cash and Cash
Equivalents
|
23,725
|
|
|
2,196
|
|
|
25,921
|
|
Net Debt
(Non-GAAP)
|
$
|
1,825,838
|
|
|
$
|
711,439
|
|
|
$
|
2,537,277
|
|
|
1Stand-alone includes both CNX's E&P
and Unallocated segments.
|
2Includes
current portion.
|
Reconciliation of
Trailing-Twelve-Months (TTM) EBITDAX by Quarter
|
|
|
Three
Months
Ended
|
|
Twelve
Months
Ended
|
|
September
30,
|
|
December
31,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
Dollars in
thousands
|
2019
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
Net Income
(Loss)
|
$
|
143,960
|
|
|
$
|
(240,055)
|
|
|
$
|
(305,222)
|
|
|
$
|
(130,486)
|
|
|
$
|
(531,803)
|
|
Interest
Expense
|
38,405
|
|
|
37,051
|
|
|
48,995
|
|
|
46,256
|
|
|
170,707
|
|
Interest
Income
|
(1,078)
|
|
|
(78)
|
|
|
(92)
|
|
|
(323)
|
|
|
(1,571)
|
|
Income Tax Expense
(Benefit)
|
48,902
|
|
|
(50,398)
|
|
|
(152,582)
|
|
|
(28,646)
|
|
|
(182,724)
|
|
Earnings Before
Interest & Taxes (EBIT)
|
$
|
230,189
|
|
|
$
|
(253,480)
|
|
|
$
|
(408,901)
|
|
|
$
|
(113,199)
|
|
|
$
|
(545,391)
|
|
Depreciation,
Depletion & Amortization
|
120,459
|
|
|
133,844
|
|
|
129,164
|
|
|
113,545
|
|
|
497,012
|
|
Exploration
Expense
|
6,075
|
|
|
29,480
|
|
|
3,888
|
|
|
3,310
|
|
|
42,753
|
|
Earnings Before
Interest, Taxes, DD&A, and Exploration (EBITDAX)
|
$
|
356,723
|
|
|
$
|
(90,156)
|
|
|
$
|
(275,849)
|
|
|
$
|
3,656
|
|
|
$
|
(5,626)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Unrealized (Gain) Loss
on Commodity Derivative Instruments
|
$
|
(156,872)
|
|
|
$
|
(92,538)
|
|
|
$
|
36,019
|
|
|
$
|
205,558
|
|
|
$
|
(7,833)
|
|
Impairment of
Exploration and Production Properties
|
—
|
|
|
327,400
|
|
|
61,849
|
|
|
—
|
|
|
389,249
|
|
Impairment of Unproved
Properties and Expirations
|
—
|
|
|
119,429
|
|
|
—
|
|
|
—
|
|
|
119,429
|
|
Impairment of
Goodwill
|
—
|
|
|
—
|
|
|
473,045
|
|
|
—
|
|
|
473,045
|
|
Severance
Expense
|
1,999
|
|
|
113
|
|
|
105
|
|
|
120
|
|
|
2,337
|
|
Stock Based
Compensation
|
1,781
|
|
|
1,868
|
|
|
6,840
|
|
|
2,566
|
|
|
13,055
|
|
(Gain) Loss on Debt
Extinguishment
|
—
|
|
|
—
|
|
|
(11,263)
|
|
|
344
|
|
|
(10,919)
|
|
Shaw Insurance
Recovery
|
—
|
|
|
(2,159)
|
|
|
—
|
|
|
—
|
|
|
(2,159)
|
|
Total Pre-tax
Adjustments
|
$
|
(153,092)
|
|
|
$
|
354,113
|
|
|
$
|
566,595
|
|
|
$
|
208,588
|
|
|
$
|
976,204
|
|
Adjusted EBITDAX
Consolidated TTM
|
$
|
203,631
|
|
|
$
|
263,957
|
|
|
$
|
290,746
|
|
|
$
|
212,244
|
|
|
$
|
970,578
|
|
Reconciliation of
Stand-alone EBITDAX Trailing-Twelve-Months (TTM)
|
|
|
Twelve Months
Ended June 30, 2020
|
Dollars in
thousands
|
Stand-alone1
|
|
Midstream
|
|
Total
Company
|
Net Loss
|
$
|
(222,210)
|
|
|
$
|
(309,593)
|
|
|
$
|
(531,803)
|
|
Interest
Expense
|
137,978
|
|
|
32,729
|
|
|
170,707
|
|
Interest
Income
|
(1,558)
|
|
|
(13)
|
|
|
(1,571)
|
|
Income Tax
Benefit
|
(182,724)
|
|
|
—
|
|
|
(182,724)
|
|
Earnings Before
Interest & Taxes (EBIT)
|
$
|
(268,514)
|
|
|
$
|
(276,877)
|
|
|
$
|
(545,391)
|
|
Depreciation,
Depletion & Amortization
|
458,624
|
|
|
38,388
|
|
|
497,012
|
|
Exploration
Expense
|
42,423
|
|
|
330
|
|
|
42,753
|
|
Earnings Before
Interest, Taxes, DD&A, and Exploration (EBITDAX)
|
$
|
232,533
|
|
|
$
|
(238,159)
|
|
|
$
|
(5,626)
|
|
Adjustments:
|
|
|
|
|
|
Unrealized Gain on
Commodity Derivative Instruments
|
$
|
(7,833)
|
|
|
$
|
—
|
|
|
$
|
(7,833)
|
|
Impairment of
Exploration and Production Properties
|
389,249
|
|
|
—
|
|
|
389,249
|
|
Impairment of Unproved
Properties and Expirations
|
119,429
|
|
|
—
|
|
|
119,429
|
|
Impairment of
Goodwill
|
—
|
|
|
473,045
|
|
|
473,045
|
|
Severance
Expense
|
1,901
|
|
|
436
|
|
|
2,337
|
|
Stock Based
Compensation
|
11,444
|
|
|
1,611
|
|
|
13,055
|
|
Gain on Debt
Extinguishment
|
(10,919)
|
|
|
—
|
|
|
(10,919)
|
|
Shaw Insurance
Recovery
|
(2,159)
|
|
|
—
|
|
|
(2,159)
|
|
Total Pre-tax
Adjustments
|
$
|
501,112
|
|
|
$
|
475,092
|
|
|
$
|
976,204
|
|
Adjusted EBITDAX
Consolidated TTM
|
$
|
733,645
|
|
|
$
|
236,933
|
|
|
$
|
970,578
|
|
Midstream
Distributions
|
53,650
|
|
|
N/A
|
|
|
N/A
|
|
Stand-alone
EBITDAX TTM
|
$
|
787,295
|
|
|
N/A
|
|
|
N/A
|
|
|
1
Stand-alone includes both CNX's E&P and Unallocated
Segments.
|
Organic free cash flow is defined as net cash provided by
operating activities less capital expenditures. Free cash
flow is defined as net cash provided by operating activities less
capital expenditures plus proceeds from asset sales. Organic free
cash flow and free cash flow are non-GAAP supplemental financial
measures that the Company's management and external users of its
consolidated financial statements, such as industry analysts,
lenders and ratings agencies use to assess the Company's liquidity.
The Company believes that the measures provide useful information
to management and investors in assessing the Company's ability to
generate cash flow in excess of capital requirements and return
cash to shareholders. Organic free cash flow and free cash flow
should not be considered as alternatives to net cash provided by
operating activities or any other measure of liquidity presented in
accordance with GAAP.
The tables below reconcile organic free cash flow and free cash
flow with net cash provided by operating activities, the most
comparable financial measure calculated in accordance with GAAP, as
derived from the Statements of Condensed Consolidated Cash Flows to
be included in the Company's report on Form 10-Q for the quarter
ended June 30, 2020.
Organic Free Cash
Flow
|
|
Dollars in
thousands
|
Three Months
Ended June 30,
2020
|
|
Three Months
Ended June 30,
2019
|
Net Cash Provided by
Operating Activities
|
$
|
143,798
|
|
|
$
|
252,021
|
|
Capital
Expenditures
|
(134,852)
|
|
|
(329,227)
|
|
Organic Free Cash
Flow
|
$
|
8,946
|
|
|
$
|
(77,206)
|
|
|
|
Free Cash
Flow
|
|
Dollars in
thousands
|
Three Months
Ended June 30,
2020
|
|
Three Months
Ended June 30,
2019
|
Net Cash Provided by
Operating Activities
|
$
|
143,798
|
|
|
$
|
252,021
|
|
Capital
Expenditures
|
(134,852)
|
|
|
(329,227)
|
|
Proceeds from Asset
Sales
|
12,151
|
|
|
1,281
|
|
Free Cash
Flow
|
$
|
21,097
|
|
|
$
|
(75,925)
|
|
Cautionary Statements
We are including the following cautionary statement in this
press release to make applicable and take advantage of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 for any forward-looking statements made by, or on behalf of
us. With the exception of historical matters, the matters discussed
in this press release are forward-looking statements (as defined in
Section 21E of the Securities Exchange Act of 1934 (the "Exchange
Act")) that involve risks and uncertainties that could cause actual
results to differ materially from projected results. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. These forward-looking
statements may include projections and estimates concerning the
timing and success of specific projects and our future production,
revenues, income and capital spending. When we use the words
"believe," "intend," "expect," "may," "should," "anticipate,"
"could," "estimate," "plan," "predict," "project," "will," or their
negatives, or other similar expressions, the statements which
include those words are usually forward-looking statements. When we
describe a strategy that involves risks or uncertainties, we are
making forward-looking statements. The forward-looking statements
in this press release speak only as of the date of this press
release; we disclaim any obligation to update these statements
unless required by securities law, and we caution you not to rely
on them unduly. We have based these forward-looking statements on
our current expectations and assumptions about future events. While
our management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. These risks, contingencies and
uncertainties relate to, among other matters, the following: prices
for natural gas and NGLs are volatile and can fluctuate widely
based upon a number of factors beyond our control including
oversupply relative to the demand for our products, weather and the
price and availability of alternative fuels; our dependence on
gathering, processing and transportation facilities and other
midstream facilities owned by CNX Midstream Partners LP (NYSE:
CNXM) (CNXM) and others; uncertainties in estimating our
economically recoverable natural gas reserves, and inaccuracies in
our estimates; the high-risk nature of drilling, developing and
operating natural gas wells; our identified drilling locations are
scheduled out over multiple years, making them susceptible to
uncertainties that could materially alter the occurrence or timing
of their development or drilling; challenges associated with
strategic determinations, including the allocation of capital and
other resources to strategic opportunities; the substantial capital
expenditures required for our development and exploration projects,
as well as CNXM's midstream system development; the impact of
potential, as well as any adopted, environmental regulations,
including those relating to greenhouse gas emissions; environmental
regulations can increase costs and introduce uncertainty that could
adversely impact the market for natural gas with potential short
and long-term liabilities; decreases in the availability of, or
increases in the price of, required personnel, services, equipment,
parts and raw materials in sufficient quantities or at reasonable
costs to support our operations; if natural gas prices decrease or
drilling efforts are unsuccessful, we may be required to record
write-downs of our proved natural gas properties; the availability
of storage capacity for refined products such as crude, and
refinery inputs including condensate, c5+ and butane; changes in
assumptions impacting management's estimates of future financial
results as well as other assumptions such as movement in our stock
price, weighted-average cost of capital, terminal growth rates and
industry multiples, could cause goodwill and other intangible
assets we hold to become impaired and result in material non-cash
charges to earnings; a loss of our competitive position because of
the competitive nature of the natural gas industry, consolidation
within the industry or overcapacity in the industry adversely
affecting our ability to sell our products and midstream services;
deterioration in the economic conditions in any of the industries
in which our customers operate, a domestic or worldwide financial
downturn, or negative credit market conditions; the impact of
outbreaks of communicable diseases such as the novel highly
transmissible and pathogenic coronavirus ("COVID-19") on business
activity, the company's operations and national and global economic
conditions, generally; hedging activities may prevent us from
benefiting from price increases and may expose us to other risks;
existing and future government laws, regulations and other legal
requirements and judicial decisions that govern our business may
increase our costs of doing business and may restrict our
operations; significant costs and liabilities may be incurred as a
result of pipeline operations and related increase in the
regulation of gas gathering pipelines; our ability to find adequate
water sources for our use in shale gas drilling and production
operations, or our ability to dispose of, transport or recycle
water used or removed in connection with our gas operations at a
reasonable cost and within applicable environmental rules; failure
to successfully estimate the rate of decline or existing reserves
or to find or acquire economically recoverable natural gas reserves
to replace our current natural gas reserves; risks associated with
our current long-term debt obligations; a decrease in our borrowing
base, which could decrease for a variety of reasons including lower
natural gas prices, declines in natural gas proved reserves, asset
sales and lending requirements or regulations; changes in federal
or state income tax laws, cyber incidents could have a material
adverse effect on our business, financial condition or results of
operations; construction of new gathering, compression,
dehydration, treating or other midstream assets by CNXM may not
result in revenue increases and may be subject
to environmental, political, legal and economic risks; our
success depends on key members of our management and our ability to
attract and retain experienced technical and other professional
personnel; terrorist activities could materially adversely affect
our business and results of operations; we may operate a portion of
our business with one or more joint venture partners or in
circumstances where we are not the operator, which may restrict our
operational and corporate flexibility and we may not realize the
benefits we expect to realize from a joint venture; acquisitions
and divestitures, we anticipate may not occur or produce
anticipated benefits; the outcomes of various legal proceedings,
including those which are more fully described in our reports filed
under the Exchange Act; there is no guarantee that we will continue
to repurchase shares of our common stock under our current or any
future share repurchase program at levels undertaken previously or
at all; negative public perception regarding our industry could
have an adverse effect on our operations; CONSOL Energy may not be
able to satisfy its indemnification obligations in the future and
such indemnities may not be sufficient to hold us harmless from the
full amount of liabilities for which CONSOL Energy will be
allocated responsibility ; risks associated with the company's
issuance of convertible senior notes due 2026 (the "convertible
notes"), including the potential impact that the convertible notes
may have on our reported financial results, potential dilution, the
company's ability to raise funds to repurchase the convertible
notes, and that provisions of the convertible notes could delay or
prevent a beneficial takeover of the company; the potential impact
of the capped call transaction undertaken in tandem with the
convertible note issuance, including counterparty risk; the
possibility that the market price of the company's common stock
will fluctuate prior to the completion of the take-private
transaction causing the value of the merger consideration to
change; the risk that a condition to the closing of the
take-private transaction may not be satisfied on a timely basis, if
at all; the timing of the completion of the take-private
transaction; the substantial transaction-related costs that may be
incurred by the company and CNXM in connection with the
take-private transaction; the possibility that the company and CNXM
may, under certain specified circumstances, be responsible for the
other party's expenses; the possibility that the company and CNXM
may be the targets of securities class actions and derivative
lawsuits; the limited duties CNXM's partnership agreement places on
CNXM's general partner (the "general partner") for actions taken by
the general partner; the risk that certain officers and directors
of the company and the general partner have interests in the
take-private transaction that are different from, or in addition
to, the interests they may have as CNXM's unitholders or the
company's stockholders, respectively; and the possibility that
financial projections by the company and CNXM may not prove to be
reflective of actual future results.
Although forward-looking statements reflect the company's good
faith beliefs at the time they are made, they involve known and
unknown risks, uncertainties and other factors. For more
information concerning factors that could cause actual results to
differ materially from those conveyed in the forward-looking
statements, including, among others, that the company's business
plans may change as circumstances warrant, please refer to the
"Risk Factors" and "Forward-Looking Statements" sections of the
company's Annual Report on Form 10-K for the year ended
December 31, 2019 filed with the
Securities and Commission on February 10,
2020 and subsequent Quarterly Reports on Form 10-Q. The
company undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events, changed circumstances or otherwise, unless required
by law.
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:
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Natural Gas, NGL and
Oil Revenue
|
$
|
175,776
|
|
|
$
|
342,865
|
|
|
$
|
427,270
|
|
|
$
|
778,811
|
|
(Loss) Gain on
Commodity Derivative Instruments
|
(63,303)
|
|
|
221,581
|
|
|
51,839
|
|
|
26,205
|
|
Purchased Gas
Revenue
|
20,424
|
|
|
18,768
|
|
|
46,783
|
|
|
34,989
|
|
Midstream
Revenue
|
12,191
|
|
|
18,895
|
|
|
30,597
|
|
|
37,338
|
|
Other Operating
Income
|
3,753
|
|
|
2,923
|
|
|
8,711
|
|
|
6,120
|
|
Total Revenue and
Other Operating Income
|
148,841
|
|
|
605,032
|
|
|
565,200
|
|
|
883,463
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
Operating
Expense
|
|
|
|
|
|
|
|
Lease Operating
Expense
|
10,244
|
|
|
19,876
|
|
|
20,277
|
|
|
38,504
|
|
Transportation,
Gathering and Compression
|
60,025
|
|
|
84,614
|
|
|
143,267
|
|
|
164,023
|
|
Production, Ad
Valorem, and Other Fees
|
5,384
|
|
|
7,030
|
|
|
11,546
|
|
|
13,976
|
|
Depreciation,
Depletion and Amortization
|
113,545
|
|
|
128,999
|
|
|
242,709
|
|
|
254,159
|
|
Exploration and
Production Related Other Costs
|
3,310
|
|
|
5,567
|
|
|
7,197
|
|
|
8,825
|
|
Purchased Gas
Costs
|
19,989
|
|
|
18,772
|
|
|
44,987
|
|
|
34,986
|
|
Impairment of
Exploration and Production Properties
|
—
|
|
|
—
|
|
|
61,849
|
|
|
—
|
|
Impairment of
Goodwill
|
—
|
|
|
—
|
|
|
473,045
|
|
|
—
|
|
Selling, General, and
Administrative Costs
|
23,419
|
|
|
48,970
|
|
|
53,657
|
|
|
84,709
|
|
Other Operating
Expense
|
26,596
|
|
|
17,976
|
|
|
47,277
|
|
|
41,451
|
|
Total Operating
Expense
|
262,512
|
|
|
331,804
|
|
|
1,105,811
|
|
|
640,633
|
|
Other
Expense
|
|
|
|
|
|
|
|
Other Expense
(Income)
|
4,799
|
|
|
(99)
|
|
|
9,985
|
|
|
(681)
|
|
(Gain) Loss on Asset
Sales and Abandonments
|
(5,938)
|
|
|
(387)
|
|
|
(17,992)
|
|
|
2,699
|
|
Loss (Gain) on Debt
Extinguishment
|
344
|
|
|
77
|
|
|
(10,919)
|
|
|
7,614
|
|
Interest
Expense
|
46,256
|
|
|
40,152
|
|
|
95,252
|
|
|
75,923
|
|
Total Other
Expense
|
45,461
|
|
|
39,743
|
|
|
76,326
|
|
|
85,555
|
|
Total Costs and
Expenses
|
307,973
|
|
|
371,547
|
|
|
1,182,137
|
|
|
726,188
|
|
(Loss) Earnings
Before Income Tax
|
(159,132)
|
|
|
233,485
|
|
|
(616,937)
|
|
|
157,275
|
|
Income Tax (Benefit)
Expense
|
(28,646)
|
|
|
40,791
|
|
|
(181,228)
|
|
|
29,231
|
|
Net (Loss)
Income
|
(130,486)
|
|
|
192,694
|
|
|
(435,709)
|
|
|
128,044
|
|
Less: Net Income
Attributable to Noncontrolling Interest
|
15,263
|
|
|
30,217
|
|
|
39,126
|
|
|
52,904
|
|
Net (Loss) Income
Attributable to CNX Resources Shareholders
|
$
|
(145,749)
|
|
|
$
|
162,477
|
|
|
$
|
(474,835)
|
|
|
$
|
75,140
|
|
|
|
|
|
|
|
|
|
(Loss) Earnings
per Share
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.78)
|
|
|
$
|
0.85
|
|
|
$
|
(2.54)
|
|
|
$
|
0.39
|
|
Diluted
|
$
|
(0.78)
|
|
|
$
|
0.84
|
|
|
$
|
(2.54)
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
Dividends
Declared
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
CNX RESOURCES
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
(Dollars in
thousands)
|
June
30,
|
|
June
30,
|
(Unaudited)
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net (Loss)
Income
|
$
|
(130,486)
|
|
|
$
|
192,694
|
|
|
$
|
(435,709)
|
|
|
$
|
128,044
|
|
Other Comprehensive
Income:
|
|
|
|
|
|
|
|
Actuarially
Determined Long-Term Liability Adjustments (Net of tax: ($39),
($14), ($79), ($29))
|
111
|
|
|
41
|
|
|
223
|
|
|
85
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss)
Income
|
(130,375)
|
|
|
192,735
|
|
|
(435,486)
|
|
|
128,129
|
|
|
|
|
|
|
|
|
|
Less: Comprehensive
Income Attributable to Noncontrolling Interest
|
15,263
|
|
|
30,217
|
|
|
39,126
|
|
|
52,904
|
|
|
|
|
|
|
|
|
|
Comprehensive (Loss)
Income Attributable to CNX Resources Shareholders
|
$
|
(145,638)
|
|
|
$
|
162,518
|
|
|
$
|
(474,612)
|
|
|
$
|
75,225
|
|
CNX RESOURCES
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
(Unaudited)
|
|
|
(Dollars in
thousands)
|
June 30,
2020
|
|
December
31,
2019
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and Cash
Equivalents
|
$
|
19,607
|
|
|
$
|
16,283
|
|
Restricted
Cash
|
738
|
|
|
—
|
|
Accounts and Notes
Receivable:
|
|
|
|
Trade, net
|
69,174
|
|
|
133,480
|
|
Other Receivables,
net
|
7,669
|
|
|
13,679
|
|
Supplies
Inventories
|
10,317
|
|
|
6,984
|
|
Recoverable Income
Taxes
|
114,440
|
|
|
62,425
|
|
Derivative
Instruments
|
197,804
|
|
|
247,794
|
|
Prepaid
Expenses
|
10,973
|
|
|
17,456
|
|
Total Current
Assets
|
430,722
|
|
|
498,101
|
|
Property, Plant and
Equipment:
|
|
|
|
Property, Plant and
Equipment
|
10,814,035
|
|
|
10,572,006
|
|
Less—Accumulated
Depreciation, Depletion and Amortization
|
3,730,232
|
|
|
3,435,431
|
|
Total Property,
Plant and Equipment—Net
|
7,083,803
|
|
|
7,136,575
|
|
Other Non-Current
Assets:
|
|
|
|
Operating Lease
Right-of-Use Assets
|
141,198
|
|
|
187,097
|
|
Investment in
Affiliates
|
15,159
|
|
|
16,710
|
|
Derivative
Instruments
|
212,657
|
|
|
314,096
|
|
Goodwill
|
323,314
|
|
|
796,359
|
|
Other Intangible
Assets
|
93,371
|
|
|
96,647
|
|
Restricted
Cash
|
5,576
|
|
|
—
|
|
Other
|
13,884
|
|
|
15,221
|
|
Total Other
Non-Current Assets
|
805,159
|
|
|
1,426,130
|
|
TOTAL
ASSETS
|
$
|
8,319,684
|
|
|
$
|
9,060,806
|
|
CNX RESOURCES
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
(Unaudited)
|
|
|
(Dollars in
thousands, except per share data)
|
June 30,
2020
|
|
December
31,
2019
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
Payable
|
$
|
148,345
|
|
|
$
|
202,553
|
|
Derivative
Instruments
|
83,527
|
|
|
41,466
|
|
Current Portion of
Finance Lease Obligations
|
7,295
|
|
|
7,164
|
|
Current Portion of
Long-Term Debt
|
22,430
|
|
|
—
|
|
Current Portion of
Operating Lease Obligations
|
52,110
|
|
|
61,670
|
|
Other Accrued
Liabilities
|
162,817
|
|
|
216,086
|
|
Total Current
Liabilities
|
476,524
|
|
|
528,939
|
|
Non-Current
Liabilities:
|
|
|
|
Long-Term
Debt
|
2,540,768
|
|
|
2,754,443
|
|
Finance Lease
Obligations
|
4,225
|
|
|
7,706
|
|
Operating Lease
Obligations
|
79,701
|
|
|
110,466
|
|
Derivative
Instruments
|
178,187
|
|
|
115,862
|
|
Deferred Income
Taxes
|
370,412
|
|
|
476,108
|
|
Asset Retirement
Obligations
|
62,543
|
|
|
63,377
|
|
Other
|
40,370
|
|
|
41,596
|
|
Total Non-Current
Liabilities
|
3,276,206
|
|
|
3,569,558
|
|
TOTAL
LIABILITIES
|
3,752,730
|
|
|
4,098,497
|
|
Stockholders'
Equity:
|
|
|
|
Common Stock, $.01 Par
Value; 500,000,000 Shares Authorized, 187,431,492 Issued and
Outstanding at June 30, 2020; 186,642,962 Issued and Outstanding at
December 31, 2019
|
1,878
|
|
|
1,870
|
|
Capital in Excess of
Par Value
|
2,261,729
|
|
|
2,199,605
|
|
Preferred Stock,
15,000,000 shares authorized, None issued and
outstanding
|
—
|
|
|
—
|
|
Retained
Earnings
|
1,495,197
|
|
|
1,971,676
|
|
Accumulated Other
Comprehensive Loss
|
(12,382)
|
|
|
(12,605)
|
|
Total CNX Resources
Stockholders' Equity
|
3,746,422
|
|
|
4,160,546
|
|
Noncontrolling
Interest
|
820,532
|
|
|
801,763
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
4,566,954
|
|
|
4,962,309
|
|
TOTAL LIABILITIES
AND EQUITY
|
$
|
8,319,684
|
|
|
$
|
9,060,806
|
|
CNX RESOURCES
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
|
(Dollars in
thousands)
(Unaudited)
|
Common
Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total CNX
Resources
Stockholders'
Equity
|
|
Non-
Controlling
Interest
|
|
Total
Equity
|
March 31,
2020
|
$
|
1,874
|
|
|
$
|
2,205,941
|
|
|
$
|
1,641,009
|
|
|
$
|
(12,493)
|
|
|
$
|
3,836,331
|
|
|
$
|
808,379
|
|
|
$
|
4,644,710
|
|
Net (Loss)
Income
|
—
|
|
|
—
|
|
|
(145,749)
|
|
|
—
|
|
|
(145,749)
|
|
|
15,263
|
|
|
(130,486)
|
|
Issuance of Common
Stock
|
4
|
|
|
1,646
|
|
|
—
|
|
|
—
|
|
|
1,650
|
|
|
—
|
|
|
1,650
|
|
Shares Withheld for
Taxes
|
—
|
|
|
—
|
|
|
(63)
|
|
|
—
|
|
|
(63)
|
|
|
—
|
|
|
(63)
|
|
Amortization of
Stock-Based Compensation Awards
|
—
|
|
|
2,186
|
|
|
—
|
|
|
—
|
|
|
2,186
|
|
|
380
|
|
|
2,566
|
|
Equity Component of
Convertible Senior Notes, net of Issuance Costs
|
—
|
|
|
78,307
|
|
|
—
|
|
|
—
|
|
|
78,307
|
|
|
—
|
|
|
78,307
|
|
Purchase of Capped
Call
|
—
|
|
|
(26,351)
|
|
|
—
|
|
|
—
|
|
|
(26,351)
|
|
|
—
|
|
|
(26,351)
|
|
Other Comprehensive
Income
|
—
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
111
|
|
|
—
|
|
|
111
|
|
Distributions to CNXM
Noncontrolling Interest Holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,490)
|
|
|
(3,490)
|
|
June 30,
2020
|
$
|
1,878
|
|
|
$
|
2,261,729
|
|
|
$
|
1,495,197
|
|
|
$
|
(12,382)
|
|
|
$
|
3,746,422
|
|
|
$
|
820,532
|
|
|
$
|
4,566,954
|
|
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
$
|
1,964
|
|
|
$
|
2,249,511
|
|
|
$
|
1,971,898
|
|
|
$
|
(7,860)
|
|
|
$
|
4,215,513
|
|
|
$
|
759,296
|
|
|
$
|
4,974,809
|
|
Net Income
|
—
|
|
|
—
|
|
|
162,477
|
|
|
—
|
|
|
162,477
|
|
|
30,217
|
|
|
192,694
|
|
Issuance of Common
Stock
|
3
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
Purchase and
Retirement of Common Stock
|
(88)
|
|
|
(68,934)
|
|
|
(5,261)
|
|
|
—
|
|
|
(74,283)
|
|
|
—
|
|
|
(74,283)
|
|
Shares Withheld for
Taxes
|
—
|
|
|
—
|
|
|
(1,487)
|
|
|
—
|
|
|
(1,487)
|
|
|
(25)
|
|
|
(1,512)
|
|
Amortization of
Stock-Based Compensation Awards
|
—
|
|
|
23,333
|
|
|
—
|
|
|
—
|
|
|
23,333
|
|
|
540
|
|
|
23,873
|
|
Other Comprehensive
Income
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
41
|
|
|
—
|
|
|
41
|
|
Distributions to CNXM
Noncontrolling Interest Holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,689)
|
|
|
(15,689)
|
|
June 30,
2019
|
$
|
1,879
|
|
|
$
|
2,203,969
|
|
|
$
|
2,127,627
|
|
|
$
|
(7,819)
|
|
|
$
|
4,325,656
|
|
|
$
|
774,339
|
|
|
$
|
5,099,995
|
|
CNX RESOURCES
CORPORATION AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
|
(Dollars in
thousands)
|
Common
Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
(Deficit)
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total CNX
Resources
Stockholders'
Equity
|
|
Non-
Controlling
Interest
|
|
Total
Equity
|
December 31,
2019
|
$
|
1,870
|
|
|
$
|
2,199,605
|
|
|
$
|
1,971,676
|
|
|
$
|
(12,605)
|
|
|
$
|
4,160,546
|
|
|
$
|
801,763
|
|
|
$
|
4,962,309
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss)
Income
|
—
|
|
|
—
|
|
|
(474,835)
|
|
|
—
|
|
|
(474,835)
|
|
|
39,126
|
|
|
(435,709)
|
|
Issuance of Common
Stock
|
8
|
|
|
1,646
|
|
|
—
|
|
|
—
|
|
|
1,654
|
|
|
—
|
|
|
1,654
|
|
Shares Withheld for
Taxes
|
—
|
|
|
—
|
|
|
(1,644)
|
|
|
—
|
|
|
(1,644)
|
|
|
(309)
|
|
|
(1,953)
|
|
Amortization of
Stock-Based Compensation Awards
|
—
|
|
|
8,522
|
|
|
—
|
|
|
—
|
|
|
8,522
|
|
|
884
|
|
|
9,406
|
|
Equity Component of
Convertible Senior Notes, net of Issuance Costs
|
—
|
|
|
78,307
|
|
|
—
|
|
|
—
|
|
|
78,307
|
|
|
—
|
|
|
78,307
|
|
Purchase of Capped
Call
|
—
|
|
|
(26,351)
|
|
|
—
|
|
|
—
|
|
|
(26,351)
|
|
|
—
|
|
|
(26,351)
|
|
Other Comprehensive
Income
|
—
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|
223
|
|
|
—
|
|
|
223
|
|
Distributions to CNXM
Noncontrolling Interest Holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,932)
|
|
|
(20,932)
|
|
June 30,
2020
|
$
|
1,878
|
|
|
$
|
2,261,729
|
|
|
$
|
1,495,197
|
|
|
$
|
(12,382)
|
|
|
$
|
3,746,422
|
|
|
$
|
820,532
|
|
|
$
|
4,566,954
|
|
(Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2018
|
$
|
1,990
|
|
|
$
|
2,264,063
|
|
|
$
|
2,071,809
|
|
|
$
|
(7,904)
|
|
|
$
|
4,329,958
|
|
|
$
|
751,785
|
|
|
$
|
5,081,743
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
—
|
|
|
—
|
|
|
75,140
|
|
|
—
|
|
|
75,140
|
|
|
52,904
|
|
|
128,044
|
|
Issuance of Common
Stock
|
8
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
—
|
|
|
161
|
|
Purchase and
Retirement of Common Stock
|
(119)
|
|
|
(93,871)
|
|
|
(13,790)
|
|
|
—
|
|
|
(107,780)
|
|
|
—
|
|
|
(107,780)
|
|
Shares Withheld for
Taxes
|
—
|
|
|
—
|
|
|
(5,532)
|
|
|
—
|
|
|
(5,532)
|
|
|
(690)
|
|
|
(6,222)
|
|
Amortization of
Stock-Based Compensation Awards
|
—
|
|
|
33,624
|
|
|
—
|
|
|
—
|
|
|
33,624
|
|
|
1,152
|
|
|
34,776
|
|
Other Comprehensive
Income
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
85
|
|
|
—
|
|
|
85
|
|
Distributions to CNXM
Noncontrolling Interest Holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,812)
|
|
|
(30,812)
|
|
June 30,
2019
|
$
|
1,879
|
|
|
$
|
2,203,969
|
|
|
$
|
2,127,627
|
|
|
$
|
(7,819)
|
|
|
$
|
4,325,656
|
|
|
$
|
774,339
|
|
|
$
|
5,099,995
|
|
CNX RESOURCES AND
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
(Dollars in
thousands)
|
Three Months
Ended
|
|
Six Months
Ended
|
(Unaudited)
|
June
30,
|
|
June
30,
|
Cash Flows from
Operating Activities:
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net (Loss)
Income
|
$
|
(130,486)
|
|
|
$
|
192,694
|
|
|
$
|
(435,709)
|
|
|
$
|
128,044
|
|
Adjustments to
Reconcile Net (Loss) Income to Net Cash Provided by Operating
Activities:
|
|
|
|
|
|
|
|
Depreciation,
Depletion and Amortization
|
113,545
|
|
|
128,999
|
|
|
242,709
|
|
|
254,159
|
|
Amortization of
Deferred Financing Costs
|
6,348
|
|
|
2,701
|
|
|
8,795
|
|
|
4,408
|
|
Impairment of
Exploration and Production Properties
|
—
|
|
|
—
|
|
|
61,849
|
|
|
—
|
|
Impairment of
Goodwill
|
—
|
|
|
—
|
|
|
473,045
|
|
|
—
|
|
Stock-Based
Compensation
|
2,566
|
|
|
23,873
|
|
|
9,406
|
|
|
34,776
|
|
(Gain) Loss on Asset
Sales and Abandonments
|
(5,938)
|
|
|
(387)
|
|
|
(17,992)
|
|
|
2,699
|
|
Loss (Gain) on Debt
Extinguishment
|
344
|
|
|
77
|
|
|
(10,919)
|
|
|
7,614
|
|
Loss (Gain) on
Commodity Derivative Instruments
|
63,303
|
|
|
(221,581)
|
|
|
(51,839)
|
|
|
(26,205)
|
|
Loss on Other
Derivative Instruments
|
3,598
|
|
|
—
|
|
|
14,237
|
|
|
—
|
|
Net Cash Received
(Paid) in Settlement of Commodity Derivative Instruments
|
142,256
|
|
|
10,672
|
|
|
293,417
|
|
|
(30,710)
|
|
Deferred Income
Taxes
|
(25,683)
|
|
|
40,790
|
|
|
(125,429)
|
|
|
29,231
|
|
Equity in Loss
(Earnings) of Affiliates
|
1,260
|
|
|
(527)
|
|
|
1,421
|
|
|
(1,030)
|
|
Return on Equity
Investment
|
131
|
|
|
750
|
|
|
131
|
|
|
2,056
|
|
Changes in Operating
Assets:
|
|
|
|
|
|
|
|
Accounts and Notes
Receivable
|
24,631
|
|
|
31,511
|
|
|
68,270
|
|
|
125,991
|
|
Recoverable Income
Taxes
|
821
|
|
|
—
|
|
|
(52,015)
|
|
|
35,888
|
|
Supplies
Inventories
|
(51)
|
|
|
5,400
|
|
|
(3,333)
|
|
|
(1,527)
|
|
Prepaid
Expenses
|
1,832
|
|
|
326
|
|
|
6,542
|
|
|
4,287
|
|
Changes in Other
Assets
|
(296)
|
|
|
(98)
|
|
|
396
|
|
|
(105)
|
|
Changes in Operating
Liabilities:
|
|
|
|
|
|
|
|
Accounts
Payable
|
(17,810)
|
|
|
35,308
|
|
|
(15,488)
|
|
|
29,346
|
|
Accrued
Interest
|
(495)
|
|
|
2,870
|
|
|
(5,558)
|
|
|
5,050
|
|
Other Operating
Liabilities
|
(35,994)
|
|
|
(1,958)
|
|
|
(49,620)
|
|
|
(36,392)
|
|
Changes in Other
Liabilities
|
(84)
|
|
|
601
|
|
|
(1,131)
|
|
|
(6,907)
|
|
Net Cash Provided by
Operating Activities
|
143,798
|
|
|
252,021
|
|
|
411,185
|
|
|
560,673
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Capital
Expenditures
|
(134,852)
|
|
|
(329,227)
|
|
|
(286,901)
|
|
|
(628,365)
|
|
Proceeds from Asset
Sales
|
12,151
|
|
|
1,281
|
|
|
26,126
|
|
|
7,087
|
|
Net Cash Used in
Investing Activities
|
(122,701)
|
|
|
(327,946)
|
|
|
(260,775)
|
|
|
(621,278)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Payments on
Miscellaneous Borrowings
|
(1,777)
|
|
|
(1,768)
|
|
|
(3,569)
|
|
|
(3,515)
|
|
Payments on Long-Term
Notes
|
(408,985)
|
|
|
—
|
|
|
(468,865)
|
|
|
(405,876)
|
|
Net (Payments on)
Proceeds from CNXM Revolving Credit Facility
|
(28,000)
|
|
|
71,350
|
|
|
7,250
|
|
|
124,000
|
|
Net Proceeds from
(Payments on) CNX Revolving Credit Facility
|
113,000
|
|
|
116,000
|
|
|
(111,000)
|
|
|
18,000
|
|
Proceeds from Issuance
of CNX Senior Notes
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
Net (Payments on)
Proceeds from CSG Non-Revolving Credit Facilities
|
(3,667)
|
|
|
—
|
|
|
169,583
|
|
|
—
|
|
Proceeds from Issuance
of Convertible Senior Notes
|
334,650
|
|
|
—
|
|
|
334,650
|
|
|
—
|
|
Purchase of Capped
Call Related to Convertible Senior Notes
|
(35,673)
|
|
|
—
|
|
|
(35,673)
|
|
|
—
|
|
Distributions to CNXM
Noncontrolling Interest Holders
|
(3,489)
|
|
|
(15,689)
|
|
|
(20,932)
|
|
|
(30,812)
|
|
Proceeds from Issuance
of Common Stock
|
1,650
|
|
|
62
|
|
|
1,654
|
|
|
161
|
|
Shares Withheld for
Taxes
|
(63)
|
|
|
(1,512)
|
|
|
(1,953)
|
|
|
(6,222)
|
|
Purchases of Common
Stock
|
—
|
|
|
(77,282)
|
|
|
—
|
|
|
(109,780)
|
|
Debt Issuance and
Financing Fees
|
(848)
|
|
|
(6,597)
|
|
|
(11,917)
|
|
|
(9,938)
|
|
Net Cash (Used in)
Provided by Financing Activities
|
(33,202)
|
|
|
84,564
|
|
|
(140,772)
|
|
|
76,018
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents, and Restricted Cash
|
(12,105)
|
|
|
8,639
|
|
|
9,638
|
|
|
15,413
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Period
|
38,026
|
|
|
23,972
|
|
|
16,283
|
|
|
17,198
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Period
|
$
|
25,921
|
|
|
$
|
32,611
|
|
|
$
|
25,921
|
|
|
$
|
32,611
|
|
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SOURCE CNX Resources Corporation