CNX Resources (NYSE: CNX) reported Q3 EPS of $0.37, $0.05 better than the analyst estimate of $0.32. Revenue for the quarter came in at $424.21 million versus the consensus estimate of $389.44 million.

GUIDANCE

Guidance Update
We are reaffirming the midpoint of annual production volume guidance of 545 to 555 Bcfe.
We expect production volumes to increase modestly in the fourth quarter. For capital, we are
lowering expected total 2024 capital expenditures to between $525 million and $550 million,
and we expect fourth quarter capital to decline quarter-over-quarter as we execute modest
drilling and completion activity for the remainder of the year that is primarily limited to one
horizontal drilling rig and a partially utilized completion crew.
We continue to expect to generate free cash flow in 2024 of approximately $300 million, or
$2.01 per share using our current shares outstanding. We expect free cash flow to increase in
the fourth quarter as capital expenditures levels decline further, pricing improves and working
capital headwinds reverse.
Looking ahead as we move into 2025, we will continue to monitor natural gas prices and
position our activity set accordingly. In addition to the 11 drilled but uncompleted wells
(DUC’s) still available from the completion activity deferrals earlier this year, our efficient
capital operations create significant flexibility to respond to any potential pricing environment.
As always, our 2025 production and capital activity levels will be set to reflect the best
possible capital allocation decision

For earnings history and earnings-related data on CNX Resources (CNX) click here.