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CNX Resources Corporation (CNX - Free Report) reported first-quarter 2020 adjusted earnings of 19 cents per share, surpassing the Zacks Consensus Estimate of 11 cents by 72.7%. In the comparable year-ago quarter, the company had reported earnings of 14 cents per share.
GAAP loss in the reported quarter was $1.76 per share compared with a loss of 44 cents in the year-ago period. The first-quarter 2020 results included non-cash impairment charges of $473 million for goodwill attributable to the midstream reporting unit and $62 million related to Southwestern Pennsylvania coalbed methane operations.
Revenues
Total revenues of $416.4 million in the first quarter surpassed the Zacks Consensus Estimate of $383 million by 8.7%. The top line also increased 49.6% from the year-ago quarter.
CNX Resources Corporation. Price, Consensus and EPS Surprise
During the quarter, CNX Resources used up to two horizontal rigs and drilled 10 wells. In the quarter, the company turned-in-line 14 wells.
Average selling price - E&P during the quarter was $2.59 per thousand cubic feet equivalent (Mcfe), down 12.8% from the year-ago figure of $2.97. In the reported quarter, total production costs per Mcfe were a penny lower than the year-earlier period, primarily due to reduced lease operating expenses.
Interest expenses in the reported quarter were $48.9 million, up 36.9% from the year-ago period.
Financial Update
As of Mar 31, 2020, CNX Resources had cash and cash equivalents of $31.8 million, up from $16.3 million on Dec 31, 2019.
Total long-term debt as of Mar 31, 2020 was $2,640.1 million, lower than $2,754.4 million on Dec 31, 2019.
Cash from operating activities during the first quarter of 2020 was $267 million, down 13.6% from $309 million a year ago.
Capital expenditure during the first quarter was $152 million, lower than $299 million invested in the year-ago period.
Guidance
CNX Resources trimmed its 2020 capital expenditure guidance. It now expects capital expenditure in the range of $470-$550 million, down from prior expectation of $530-$610 million.
CNX Resources lowered 2020 production expectation to the band of 490-530 billions of cubic feet equivalent (Bcfe) from the prior guided range of 525-555 Bcfe.
Devon Energy Corporation (DVN - Free Report) is scheduled to report first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 17 cents per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 51 cents per share.
Murphy Oil Corporation (MUR - Free Report) is scheduled to announce first-quarter 2020 results on May 7. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 31 cents per share.
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CNX Resources (CNX) Beats Q1 Earnings Estimates, Trims View
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2020 adjusted earnings of 19 cents per share, surpassing the Zacks Consensus Estimate of 11 cents by 72.7%. In the comparable year-ago quarter, the company had reported earnings of 14 cents per share.
GAAP loss in the reported quarter was $1.76 per share compared with a loss of 44 cents in the year-ago period. The first-quarter 2020 results included non-cash impairment charges of $473 million for goodwill attributable to the midstream reporting unit and $62 million related to Southwestern Pennsylvania coalbed methane operations.
Revenues
Total revenues of $416.4 million in the first quarter surpassed the Zacks Consensus Estimate of $383 million by 8.7%. The top line also increased 49.6% from the year-ago quarter.
CNX Resources Corporation. Price, Consensus and EPS Surprise
CNX Resources Corporation. price-consensus-eps-surprise-chart | CNX Resources Corporation. Quote
Highlights of the Release
During the quarter, CNX Resources used up to two horizontal rigs and drilled 10 wells. In the quarter, the company turned-in-line 14 wells.
Average selling price - E&P during the quarter was $2.59 per thousand cubic feet equivalent (Mcfe), down 12.8% from the year-ago figure of $2.97. In the reported quarter, total production costs per Mcfe were a penny lower than the year-earlier period, primarily due to reduced lease operating expenses.
Interest expenses in the reported quarter were $48.9 million, up 36.9% from the year-ago period.
Financial Update
As of Mar 31, 2020, CNX Resources had cash and cash equivalents of $31.8 million, up from $16.3 million on Dec 31, 2019.
Total long-term debt as of Mar 31, 2020 was $2,640.1 million, lower than $2,754.4 million on Dec 31, 2019.
Cash from operating activities during the first quarter of 2020 was $267 million, down 13.6% from $309 million a year ago.
Capital expenditure during the first quarter was $152 million, lower than $299 million invested in the year-ago period.
Guidance
CNX Resources trimmed its 2020 capital expenditure guidance. It now expects capital expenditure in the range of $470-$550 million, down from prior expectation of $530-$610 million.
CNX Resources lowered 2020 production expectation to the band of 490-530 billions of cubic feet equivalent (Bcfe) from the prior guided range of 525-555 Bcfe.
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 first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 17 cents per share.
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to report first-quarter 2020 results on May 5. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 51 cents per share.
Murphy Oil Corporation (MUR - Free Report) is scheduled to announce first-quarter 2020 results on May 7. The Zacks Consensus Estimate for earnings for the quarter is pegged at a loss of 31 cents per share.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.1% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>