Cnx Resources Corporation · NYSE:CNX
Cnx Resources — Q4 2022 Earnings Presentation
9 slides from Cnx Resources's earnings presentation, Jan 26, 2023
Slide 1: Q4 2022 Update
Q4 2022 Update January 26, 2023
Slide 2: Q4 2022 Highlights
Q4 2022 Highlights “The fourth quarter represented the 12th consecutive quarter of significant free cash flow RESULTS SNAPSHOT(1) generation, making 2022 the best year ever for CNX as a public company," commented Nick Deiuliis, president and CEO. “Utilizing this significant free cash flow, cumulativ
Slide 3: CNX has Generated ~$1.6 Billion in Free Cash Flow since Q1 2020
CNX has Generated ~$1.6 Billion in Free Cash Flow since Q1 2020 $400 Free Cash Flow (FCF)(1) $375 12 consecutive $300 quarters of $276 generating significant FCF, $ in millions $234 used to return $200 capital to shareholders and $158 pay down/manage $129 $130 $135 $121 $117 debt $101 $100 $85 $62 $
Slide 4: Balance Sheet and Liquidity Strength
Balance Sheet and Liquidity Strength Significant liquidity under credit Maturities as of December 31, 2022(1) facilities – Combined elected 2500 7.1% 7.2% 7.4% 7.5% 8% commitments of $1.9 billion 7% 2000 6% Undrawn Revolver Significant runway before 5% Capacity $ in millions 1500 nearest bond maturi
Slide 5: Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt
Balance Sheet and Hedge Book Drive Capacity to Retire Shares and Reduce Debt CNX has ~24% reduction in total shares outstanding repurchased 57.0 since Q3 2020 million shares for $868 million(1) 170.1(1) since Q3 2020 at an average price of $15.24 CNX has reduced adjusted net debt(2) by $360 million
Slide 6: 2023 Guidance
2023 Guidance 2023E ($ in millions) Low High We expect to return to 1.6 Bcfe/day production level run- Production Volumes (Bcfe) 555 - 575 rate around mid-year 2023 % Liquids 7% - 8% 2024 production volumes expected to be % of Natural Gas Hedged 82% ~590 Bcfe Prices on Open Volumes(1) Natural Gas NY
Slide 7: Programmatic Hedging Strategy is Locking in Higher Prices
Programmatic Hedging Strategy is Locking in Higher Prices Percentage of Volumes by Class: Hedges vs. Open(1)(2) NYMEX Forward Prices(3) $4.06 $4.34 $4.48 $4.54 $4.59 100% 90% $4.06 $4.34 Consistent execution of 80% $4.48 $4.46 $4.54 programmatic hedging strategy adds 70% higher priced hedges and inc
Slide 8: 2022 Methane Emissions
2022 Methane Emissions Methane Intensity By Segment Methane Emissions Intensity(1) -41% 0.07% 0.06% 0.04% 0.04% The Appalachian Basin is the 0.03% 0.02% lowest methane intensity basin CNX is driving meaningful 2020 2021 2022 reductions on methane CNX Production CNX Gathering & Boosting Onshore Produ
Slide 9: Investor Contacts & Notices
Investor Contacts & Notices and transportation facilities and other midstream facilities owned by others; conditions in the oil and gas industry; our current long-term debt obligations, and the terms of the agreements that govern that debt; strategic determinations, including Investor Relations Cont