CNX Resources Reports Strong Q4 2024 Earnings

By Bobby Samwell • Thursday, January 30 15:43 • Permanent Link

CNX Resources reported its Q4 2024 earnings, and the production volumes and activity summary showed an increase in shale sales volumes from 123.9 BCF in Q4 2023 to 115.6 BCF in Q4 2024. The average daily production also increased from 1,509.1 MMCFE in Q4 2023 to 1,543.1 MMCFE in Q4 2024.

In terms of hedging, the company's total volumes hedged increased from 6.9 BCF in Q4 2023 to 117.2 BCF in Q4 2024. The average prices for Nymex hedges also showed an upward trend, rising from $3.37 per MCF in Q4 2023 to $4.25 per MCF in Q4 2024.

The hedging gain/loss projections and actuals showed a significant change as well. The realized gain on commodity derivative instruments increased from $43 million in Q4 2023 to $281 million in Q4 2024. However, the unrealized loss on commodity derivative instruments increased from $6 million in Q4 2023 to $304 million in Q4 2024.

Looking at the consolidated statements of income, the revenue and other operating income increased from $334.4 million in Q4 2023 to $1,186.1 million in Q4 2024. The company reported a net loss of $144.6 million in Q4 2024 compared to a net income of $514 million in Q4 2023.

Furthermore, the consolidated balance sheets indicated an increase in total assets from $8,626.7 million in Q4 2023 to $8,656.6 million in Q4 2024.

In terms of cash flows, net cash provided by operating activities increased from $161.1 million in Q4 2023 to $268.8 million in Q4 2024. Net cash used in financing activities also showed a significant decrease from $69.7 million in Q4 2023 to $144.8 million in Q4 2024.

These figures demonstrate the changes in production, hedging, financial performance, and cash flows for CNX Resources in Q4 2024 compared to the same period in 2023. The market has reacted to these announcements by moving the company's shares -0.6% to a price of $27.66. For the full picture, make sure to review CNX Resources's 8-K report.

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