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CNX Resources (CNX) Q1 Earnings Beat Estimates, Sales Miss
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CNX Resources Corporation (CNX - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 31.7%.
Revenues
Total first-quarter revenues of $474 million, however, missed the Zacks Consensus Estimate of $554 million by 14.4%.
CNX Resources Corporation. Price, Consensus and EPS Surprise
The average selling price for the quarter was $3.14 per thousand cubic feet equivalent (Mcfe), up 15% from the year-ago figure of $2.73. For the reported quarter, total production costs were $1.52 per Mcfe, down 2.6% from the year-ago figure due to proper cost-management measures implemented by the company.
Total first-quarter production volumes were 150.9 billion cubic feet equivalent, up 7.3% year over year. Interest expenses for the reported quarter were $27.1 million, down 25.5% from the year-ago period.
CNX Resources repurchased 9.2 million shares during the quarter. Since third-quarter 2020, CNX has repurchased 31.6 million shares for $438 million.
Financial Update
As of Mar 31, 2022, CNX Resources had cash and cash equivalents of $8.6 million, up from $3.6 million on Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $1,890.8 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $327 million, which strengthened the balance sheet.
First-quarter 2022 cash from operating activities was $336.4 million, up 53.1% from $219.6 million in the year-ago period. Free cash flow for the reported quarter was $234 million. CNX has generated $1.1 billion in free cash flow since the beginning of the seven-year growth plan.
First-quarter capital expenditure was $122.3 million, a tad lower than $123.4 million invested in the year-ago period.
Guidance
CNX Resources reiterated its 2022 capital expenditure view in the range of $470-$500 million. CNX Resources continues to expect 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources revised its 2022 free cash flow generation guidance to $700 million from $600 million.
Devon Energy Corporation (DVN - Free Report) is scheduled to report first-quarter 2022 results on May 2. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.24 per share.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report first-quarter 2022 results on May 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.71 per share.
Cheniere Energy’s long-term earnings growth is projected at 53.3%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 210.8%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.
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CNX Resources (CNX) Q1 Earnings Beat Estimates, Sales Miss
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2022 adjusted earnings of 79 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 31.7%.
Revenues
Total first-quarter revenues of $474 million, however, missed the Zacks Consensus Estimate of $554 million by 14.4%.
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 for the quarter was $3.14 per thousand cubic feet equivalent (Mcfe), up 15% from the year-ago figure of $2.73. For the reported quarter, total production costs were $1.52 per Mcfe, down 2.6% from the year-ago figure due to proper cost-management measures implemented by the company.
Total first-quarter production volumes were 150.9 billion cubic feet equivalent, up 7.3% year over year. Interest expenses for the reported quarter were $27.1 million, down 25.5% from the year-ago period.
CNX Resources repurchased 9.2 million shares during the quarter. Since third-quarter 2020, CNX has repurchased 31.6 million shares for $438 million.
Financial Update
As of Mar 31, 2022, CNX Resources had cash and cash equivalents of $8.6 million, up from $3.6 million on Dec 31, 2021.
Long-term debt as of Mar 31, 2022 was $1,890.8 million, lower than $2,214.1 million as of Dec 31, 2021. Since third-quarter 2020, CNX has lowered debts worth $327 million, which strengthened the balance sheet.
First-quarter 2022 cash from operating activities was $336.4 million, up 53.1% from $219.6 million in the year-ago period. Free cash flow for the reported quarter was $234 million. CNX has generated $1.1 billion in free cash flow since the beginning of the seven-year growth plan.
First-quarter capital expenditure was $122.3 million, a tad lower than $123.4 million invested in the year-ago period.
Guidance
CNX Resources reiterated its 2022 capital expenditure view in the range of $470-$500 million. CNX Resources continues to expect 2022 production in the band of 575-605 billion cubic feet equivalent.
CNX Resources revised its 2022 free cash flow generation guidance to $700 million from $600 million.
Zacks Rank
CNX Resources currently has a Zacks Rank #2 (Buy). 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 first-quarter 2022 results on May 2. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.24 per share.
Devon Energy’s long-term (three to five years) earnings growth is projected at 48.6%. The Zacks Consensus Estimate for DVN’s 2022 earnings per share indicates year-over-year growth of 139.7%.
Cheniere Energy, Inc. (LNG - Free Report) is scheduled to report first-quarter 2022 results on May 4. The Zacks Consensus Estimate for earnings for the quarter is pegged at $2.71 per share.
Cheniere Energy’s long-term earnings growth is projected at 53.3%. The Zacks Consensus Estimate for LNG’s 2022 earnings per share indicates year-over-year growth of 210.8%.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2022 results on May 10. The Zacks Consensus Estimate for earnings for the quarter is pegged at $1.97 per share.
Occidental’s long-term earnings growth is projected at 32.9%. The Zacks Consensus Estimate for OXY’s 2022 earnings per share indicates year-over-year growth of 264.3%.