Thu, Oct 24, 3:29 PM (258 days ago)
For the third quarter of 2024, CNX Resources Corporation (CNX) reported a net income of $65.5 million, or $0.37 per diluted share, a significant improvement from $21.4 million, or $0.12 per share in Q3 2023. Revenue increased to $424.2 million from $350.5 million, driven by higher gains from commodity derivatives, which totaled $89 million, compared to $48 million the previous year. Operating expenses rose to $318.9 million, reflecting increased transportation and gathering costs. For the nine months ended September 30, 2024, net income fell to $54.1 million from $1.2 billion in 2023, primarily due to a substantial unrealized loss on derivatives and lower revenue from natural gas sales, reflecting market volatility. Total revenue for the nine months was $1.1 billion, down from $2.5 billion, attributed to lower commodity prices and production volumes. Cash flow from operations was $547 million, down from $653 million, while capital expenditures were $434 million. The company maintained compliance with debt covenants and had total debt of $2.3 billion, with significant liquidity available for future operations. Overall, CNX's financial health reflects a robust quarterly performance amidst challenging market conditions.