CNX Resources Corp reported significant financial results for the third quarter and the first nine months of 2024, reflecting both revenue growth and notable changes in profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, CNX generated total revenue and other operating income of $424.2 million, an increase from $350.5 million in the same period of 2023. Natural gas, NGLs, and oil revenue rose slightly to $259.5 million from $255.1 million year-over-year. The company reported a net income of $65.5 million, significantly up from $21.4 million in Q3 2023, resulting in earnings per share of $0.44 compared to $0.13 in the prior year.
In contrast, for the nine months ended September 30, 2024, total revenue and other operating income decreased to $1.13 billion from $2.47 billion in 2023. Net income for this period was $54.1 million, a sharp decline from $1.21 billion in the previous year, leading to earnings per share of $0.36, down from $7.34.
The decline in nine-month revenue was attributed to lower natural gas, NGL, and oil revenue, which fell to $822 million from $968 million in 2023. This decrease was influenced by a 16% drop in average sales prices for natural gas and a slight decline in total sales volumes. However, gains from commodity derivative instruments increased significantly, contributing $259.4 million compared to $121 million in the prior year.
Operating expenses for the nine months increased to $937 million from $892 million, with production costs rising to $705 million from $662 million. The company also reported a net loss on asset sales of $9 million, contrasting with a net gain of $121 million in the previous year.
Strategically, CNX completed the sale of a non-core pipeline, resulting in a net cash loss of $26.2 million. The company also repurchased $350 million of its 7.25% Senior Notes due March 2027, incurring a loss of $7 million on the transaction. Additionally, CNX issued $400 million in new senior notes due March 2032.
As of September 30, 2024, CNX's total assets were $8.54 billion, with total liabilities of $4.29 billion, leading to stockholders' equity of $4.26 billion, down from $4.36 billion at the end of 2023. The company maintained compliance with its financial covenants and reported cash and cash equivalents of $1.31 million, a significant increase from $443,000 at the end of 2023.
Overall, CNX's performance in Q3 2024 showed resilience in revenue growth despite challenges in the nine-month results, reflecting ongoing strategic adjustments and market conditions.
About CNX Resources Corp
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