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CNX Resources (CNX) Q3 Earnings and Revenues Lag Estimates
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CNX Resources Corporation (CNX - Free Report) reported third-quarter 2022 adjusted loss of 54 cents per share, which missed the Zacks Consensus Estimate earnings of 72 cents by 175%. In the year-ago quarter, CNX Resources reported earnings of 74 cents per share.
Revenues
CNX Resources’ third-quarter revenues of $476 million missed the Zacks Consensus Estimate of $549 million by 13.3%. Total revenues in the reported quarter improved 4.6% year over year from the prior-quarter’s $455 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price in the quarter was $3.25 per thousand cubic feet equivalent (Mcfe), up 9.8% from the year-ago figure of $2.96. In the reported quarter, total production costs were $1.64 per Mcfe, up 5.8%.
Total third-quarter production volumes were 146.4 billion cubic feet equivalent, down 4.6% year over year. Interest expenses in the reported quarter were $34.3 million, down 9.5%.
CNX Resources repurchased 8.4 million shares during the quarter. Due to the systematic buyback of shares, the company repurchased nearly 20% of its outstanding shares, or 46.2 million shares, in the last eight quarters.
Financial Update
As of Sep 30, 2022, CNX Resources had cash and cash equivalents of $1.6 million, down from $3.6 million on Dec 31, 2021.
Long-term debt as of Sep 30, 2022, was $1,920.4 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $303 million, strengthening the balance sheet.
Third-quarter 2022 cash from operating activities was $264.4 million, up 23.3% from $214.4 million in the year-ago period. Free cash flow in the reported quarter was $135 million. CNX has generated $1.3 billion in free cash flow since (first-quarter 2020) the beginning of the seven-year growth plan.
Third-quarter capital expenditure was $134 million, higher than $97 million invested in the year-ago period.
Guidance
CNX Resources raised its 2022 capital expenditure view to the range of $560-$580 million from $550-$590 million. The company revised its 2022 production volume in the band of 580-590 billion cubic feet equivalent (Bcfe) from the earlier range of 575-605 Bcfe.
CNX Resources reiterated its 2022 free cash flow generation guidance of $700 million.
Its 2022 adjusted EBITDAX is revised to the range of $1,325-$1,375 million from $1,300-$1,400 million.
Devon Energy Corporation (DVN - Free Report) is scheduled to report third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.13 per share.
Devon Energy reported an average surprise of 12.3% in the last four reported quarters. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 150.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for earnings for the quarter is pegged at $5.09 per share.
The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 205.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2022 results on Nov 8. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.48 per share.
Occidental Petroleum reported an average surprise of 21.6% in the last four reported quarters. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 294.5%.
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CNX Resources (CNX) Q3 Earnings and Revenues Lag Estimates
CNX Resources Corporation (CNX - Free Report) reported third-quarter 2022 adjusted loss of 54 cents per share, which missed the Zacks Consensus Estimate earnings of 72 cents by 175%. In the year-ago quarter, CNX Resources reported earnings of 74 cents per share.
Revenues
CNX Resources’ third-quarter revenues of $476 million missed the Zacks Consensus Estimate of $549 million by 13.3%. Total revenues in the reported quarter improved 4.6% year over year from the prior-quarter’s $455 million.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
The average selling price in the quarter was $3.25 per thousand cubic feet equivalent (Mcfe), up 9.8% from the year-ago figure of $2.96. In the reported quarter, total production costs were $1.64 per Mcfe, up 5.8%.
Total third-quarter production volumes were 146.4 billion cubic feet equivalent, down 4.6% year over year. Interest expenses in the reported quarter were $34.3 million, down 9.5%.
CNX Resources repurchased 8.4 million shares during the quarter. Due to the systematic buyback of shares, the company repurchased nearly 20% of its outstanding shares, or 46.2 million shares, in the last eight quarters.
Financial Update
As of Sep 30, 2022, CNX Resources had cash and cash equivalents of $1.6 million, down from $3.6 million on Dec 31, 2021.
Long-term debt as of Sep 30, 2022, was $1,920.4 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $303 million, strengthening the balance sheet.
Third-quarter 2022 cash from operating activities was $264.4 million, up 23.3% from $214.4 million in the year-ago period. Free cash flow in the reported quarter was $135 million. CNX has generated $1.3 billion in free cash flow since (first-quarter 2020) the beginning of the seven-year growth plan.
Third-quarter capital expenditure was $134 million, higher than $97 million invested in the year-ago period.
Guidance
CNX Resources raised its 2022 capital expenditure view to the range of $560-$580 million from $550-$590 million. The company revised its 2022 production volume in the band of 580-590 billion cubic feet equivalent (Bcfe) from the earlier range of 575-605 Bcfe.
CNX Resources reiterated its 2022 free cash flow generation guidance of $700 million.
Its 2022 adjusted EBITDAX is revised to the range of $1,325-$1,375 million from $1,300-$1,400 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Devon Energy Corporation (DVN - Free Report) is scheduled to report third-quarter 2022 results on Nov 1. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.13 per share.
Devon Energy reported an average surprise of 12.3% in the last four reported quarters. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 150.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for earnings for the quarter is pegged at $5.09 per share.
The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 205.1%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report third-quarter 2022 results on Nov 8. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.48 per share.
Occidental Petroleum reported an average surprise of 21.6% in the last four reported quarters. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 294.5%.