Thu, Jul 25, 3:07 PM (44 days ago)
CNX Resources Corporation's Form 10-Q for the quarter ended June 30, 2024, reveals a net loss of $18 million, or $0.12 per diluted share, compared to a net income of $475 million for the same period in 2023. This decline was driven by an unrealized loss on commodity derivative instruments of $96 million and a significant decrease in gain on asset sales. Total revenue and other operating income dropped to $321 million from $840 million, reflecting lower natural gas prices and volumes. Operating expenses increased to $300 million from $272 million, primarily due to higher lease operating expenses and transportation costs. Despite these challenges, CNX continues to focus on strategic initiatives in New Technologies and environmental attributes, which contributed $33 million in revenue. The company's liquidity remains supported by cash on hand, operating cash flows, and borrowing capacity, though it faces risks from market price volatility and inflation.