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OFFON

CNX RESOURCES CORPORATION

(CNX)
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CNX Resources : Q2 2021 Earnings Results & Supplemental Information of CNX Corporation

07/29/2021 | 06:47am EDT

2Q 2021 Earnings Results &

Supplemental Information of CNX Resources

TABLE OF CONTENTS:

Page:

Production Volumes and Activity Summary........................................................................................................................

2

Hedge Volumes and Pricing…...........................................................................................................................................

3

Gas Hedging Gain/Loss Projections…..............................................................................................................................

4

Consolidated Statements of Income..................................................................................................................................

5

Consolidated Balance Sheets............................................................................................................................................

6

Consolidated Statements of Cash Flows….......................................................................................................................

7

Market Mix and Natural Gas Price Reconciliation…..........................................................................................................

8

Price and Cost Data (Per Mcfe).........................................................................................................................................

9

Guidance…........................................................................................................................................................................

10

Non-GAAP Reconciliations

Definitions..........................................................................................................................................................................

11

Sales of Natural Gas, NGL and Oil, including Cash Settlements and Natural Gas, NGL and Oil Production Costs.........

12

Quarterly Adjusted EBITDAX and Adjusted Net Income....................................................................................................

13

Operating Margin...............................................................................................................................................................

14

Cash Operating Margin......................................................................................................................................................

15

Net Debt and Adjusted EBITDAX TTM..............................................................................................................................

16

Free Cash Flow..................................................................................................................................................................

17

NOTE: Please note that CNX is unable to provide a reconciliation of non-GAAP projected financial results contained in this presentation, including the non-GAAP measures referenced above, 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, net cash provided by operating activities and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

PRODUCTION VOLUMES

GAS

Q2-2021

Q1-2021Q4-2020

Q3-2020

Q2-2020

Shale Sales Volumes (Bcf)

115.0

121.1

124.7

95.2

96.5

CBM Sales Volumes (Bcf)

12.6

12.7

13.3

13.0

13.1

Other Sales Volumes (Bcf)

0.1

-

0.1

-

-

LIQUIDS*

NGLs Sales Volumes (Bcfe)

9.5

6.5

8.1

6.9

4.7

Oil and Condensate Sales Volumes (Bcfe)

0.7

0.3

0.3

0.6

0.2

TOTAL (Bcfe)

137.9

140.6

146.5

115.7

114.5

Average Daily Production (MMcfe)

1,515.6

1,562.5

1,592.5

1,257.6

1,258.3

  • 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.

Average

Rigs at

Q2 2021 ACTIVITY SUMMARY

TD

Frac

TIL

Lateral

Period

Length(1)

End

SWPA Central

Marcellus

7

10

8

15,850

1

Utica

-

-

-

-

-

WV Shirley-Pennsboro

Marcellus

-

3

6

12,460

-

Utica

-

-

-

-

-

CPA South

Utica

-

-

-

-

-

Total

7

13

14

-

1

(1) Measured in lateral feet from perforation to perforation.

2

HEDGE VOLUMES AND PRICING

Q3 2021

2021

2022

2023

2024

2025

2026

NYMEX Hedges

Volumes (Bcf)

112.7

468.5

450.7

276.6

276.2

155.6

104.7

Average Prices ($/Mcf)

$2.95

$2.96

$2.93

$2.75

$2.85

$2.76

$2.77

Physical Fixed Price Sales and Index

Hedges

Volumes (Bcf)

5.4

22.3

20.8

34.5

17.7

28.1

29.6

Average Prices ($/Mcf)

$2.51

$2.51

$2.50

$2.15

$2.23

$2.06

$1.99

Total Volumes Hedged (Bcf)(1)

118.1

490.8

471.5

311.1

293.9

183.7

134.3

NYMEX + Basis (fully-covered volumes)(2)

Volumes (Bcf)

118.1

490.8

449.0

311.1

293.9

169.2

51.9

Average Prices ($/Mcf)

$2.44

$2.48

$2.42

$2.18

$2.23

$2.07

$2.04

NYMEX Hedges Exposed to Basis

Volumes (Bcf)

-

-

22.5

-

-

14.5

82.4

Average Prices ($/Mcf)

-

-

$2.93

-

-

$2.76

$2.77

Total Volumes Hedged (Bcf)(1)

118.1

490.8

471.5

311.1

293.9

183.7

134.3

  1. Hedge positions as of 7/7/2021. Excludes basis hedges in excess of NYMEX hedges of 10.3 Bcf, 23.6 Bcf, 9.0 Bcf, and 12.2 Bcf for Q3 2021, 2021, 2023, and 2024, respectively. Q3 2021 and 2021 excess basis hedges exclude purchased swaps. See table below.
  2. Includes the impact of NYMEX and basis-only hedges as well as physical sales agreements.

Purchased Swaps

Q3 2021

2021

Basis Hedges

Volumes (Bcf)

10.1

23.6

Average Fixed Prices ($/Mcf)

($0.78)

($0.78)

For financial hedging, CNX utilizes over-the-counter swaps to manage its exposure to natural gas price fluctuations. Typically, CNX "sells" swaps under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. In order to enhance production flexibility, during the first quarter of 2021, CNX purchased, rather than sold, financial swaps for the period April through October of 2021 under which CNX will pay a fixed price to and receive a floating price from its hedge counterparties. Swaps purchased have the effect of reducing total hedged volumes for the period of the swap.

3

HEDGING GAIN/LOSS PROJECTIONS

Q3 2021

CY2021

CY2022

Wtd.

Avg.

Forecasted

Wtd.

Avg.

Forecasted

Wtd.

Avg.

Forecasted

Avg.

Avg.

Avg.

Hedged

Hedged

Forward

Gain/

Hedged

Hedged

Forward

Gain/

Hedged

Hedged

Forward

Gain/

Volumes

(Loss)(2)

Volumes

(Loss)(2)

Volumes

(Loss)(2)

($/MMBtu)

(000

Price

Market(1)

($ in 000s)

(000

Price

Market(1)

($ in 000s)

(000

Price

Market

($ in 000s)

MMBtu)

MMBtu)

MMBtu)

NYMEX

123,098

$2.70

$3.60

($109,777)

509,633

$2.72

$3.19

($245,133)

493,588

$2.68

$3.17

($245,220)

Index

-

-

-

-

900

$2.40

$2.37

$22

7,300

$2.06

$2.32

($1,898)

Basis:

DOM South (DOM)

12,420

($0.51)

($1.00)

$6,055

62,865

($0.57)

($0.80)

$12,442

106,763

($0.64)

($0.85)

$22,611

TCO Pool (TCO)

27,840

($0.54)

($0.75)

$6,340

103,980

($0.53)

($0.58)

$7,475

62,050

($0.53)

($0.64)

$6,686

Michcon (NMC)

11,960

($0.17)

($0.20)

$376

46,230

($0.17)

($0.17)

$93

48,080

($0.20)

($0.21)

$448

TETCO ELA (TEB)

1,840

($0.09)

($0.12)

$50

7,300

($0.09)

($0.15)

$438

5,475

($0.09)

($0.11)

$122

TETCO WLA (TWB)

1,840

($0.08)

($0.03)

($94)

7,300

($0.08)

($0.05)

($195)

5,475

($0.08)

($0.07)

($61)

TETCO M3 (TMT)

-

-

-

-

7,173

$0.95

($0.36)

$5,780

8,555

$0.11

$0.10

($3,795)

TETCO M2 (BM2)

41,860

($0.61)

($1.08)

$19,602

170,575

($0.60)

($0.83)

$36,974

177,025

($0.58)

($0.86)

$51,548

Transco Zone 5

1,380

($0.13)

$0.17

($417)

7,435

$0.61

$0.26

$2,056

6,375

$0.48

$0.45

($836)

South (DKR)

Total Financial Basis

99,140

$31,912

412,858

$65,063

419,798

$76,723

Hedges

Total Projected

($77,865)

($180,048)

($170,395)

Realized Loss

Note: Forward market prices, hedged volumes, and hedge prices are as of 7/7/2021. Anticipated hedging activity is not included in projections.

  1. January 2021 through July 2021 prices are settled.
  2. Forecasted Gain/(Loss) amounts are based on sum of current monthly hedge positions vs. strip.

4

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Dollars in thousands, except per share data

Revenue and Other Operating (Loss) Income:

Q2-2021

Q1-2021

Q4-2020

Q3-2020

Q2-2020

Natural Gas, NGL and Oil Revenue

$369,449

$381,225

$287,262

$182,213

$175,776

(Loss) Gain on Commodity Derivative Instruments

(538,859)

33,414

289,977

(168,834)

(63,303)

Purchased Gas Revenue

16,706

33,484

27,468

31,541

20,424

Other Revenue and Operating Income

25,494

24,950

21,996

21,155

15,944

Total Revenue and Other Operating (Loss) Income

(127,210)

473,073

626,703

66,075

148,841

Costs and Expenses:

Operating Expense

Lease Operating Expense

10,248

9,268

9,753

10,377

10,244

Transportation, Gathering and Compression

84,114

77,158

73,606

68,810

60,025

Production, Ad Valorem, and Other Fees

7,445

5,968

6,656

5,994

5,384

Depreciation, Depletion and Amortization

122,607

128,944

144,648

114,464

113,545

Exploration and Production Related Other Costs

2,929

2,076

5,655

2,141

3,310

Purchased Gas Costs

14,551

32,411

24,194

31,721

19,989

Selling, General, and Administrative Costs

23,677

28,321

33,024

22,714

23,399

Other Operating Expense

15,140

15,658

14,911

23,284

26,596

Total Operating Expense

280,711

299,804

312,447

279,505

262,492

Other Expense

Other Expense

5,865

4,366

11,398

2,180

4,819

(Gain) Loss on Assets Sales and Abandonments, net

(7,186)

(2,873)

336

(3,567)

(5,938)

Loss on Debt Extinguishment

-

-

710

108

344

Interest Expense

39,576

36,372

37,634

37,921

46,256

Total Other Expense

38,255

37,865

50,078

36,642

45,481

Total Costs and Expenses

318,966

337,669

362,525

316,147

307,973

(Loss) Earnings Before Income Tax

(446,176)

135,404

264,178

(250,072)

(159,132)

Income Tax (Benefit) Expense

(92,117)

37,379

68,420

(61,279)

(28,646)

Net (Loss) Income

(354,059)

98,025

195,758

(188,793)

(130,486)

Less: Net Income Attributable to Noncontrolling Interest

-

-

-

15,905

15,263

Net (Loss) Income Attributable to CNX Resources Shareholders

($354,059)

$98,025

$195,758

($204,698)

($145,749)

(Loss) Earnings per Share

Basic

($1.61)

$0.45

$0.88

($1.03)

($0.78)

Diluted

($1.61)

$0.43

$0.87

($1.03)

($0.78)

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CNX Resources Corporation published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 10:46:02 UTC.


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Donald W. Rush Chief Financial Officer & Executive VP
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Chad A Griffith Chief Operating Officer & Executive Vice President
Maureen E. Lally-Green Independent Director
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