CNX Resources Corporation has recently released its 10-K report, providing a comprehensive overview of its business operations. The company, formerly known as CONSOL Energy Inc., is an independent natural gas and midstream company that operates in the Appalachian Basin. CNX Resources engages in the acquisition, exploration, development, and production of natural gas properties, primarily for gas wholesalers, and also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company owns rights to extract natural gas from shale properties in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other shale and shallow oil and gas formations in Illinois, Indiana, New York, and Virginia. Additionally, CNX Resources owns rights to extract coalbed methane (CBM) in several states.
In the year ended December 31, 2024, CNX Resources reported a net loss of $90 million, or a loss per diluted share of $0.60, compared to net income of $1,721 million, or earnings per diluted share of $8.99, for the year ended December 31, 2023. The company's total sales volumes for 2024 were 550.8 billion cubic feet equivalent (Bcfe), with shale sales volumes accounting for 511.4 Bcfe. Notably, CNX Resources repurchased 7.2 million shares of its common stock for $179 million on the open market at an average price of $24.68.
Looking ahead to 2025, CNX Resources closed on a private offering of $200 million aggregate principal amount of additional 7.25% senior notes due 2032 and completed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC for total cash consideration of approximately $505 million. The company expects its 2025 annual sales volumes to be approximately 605-620 Bcfe and anticipates capital expenditures of approximately $450-$500 million for the year. Furthermore, CNX Resources forecasts its 2025 sales of environmental attributes, net of corresponding fees, to be approximately $75 million.
In terms of financial measures, CNX Resources uses non-GAAP financial measures for planning, forecasting, and evaluating business and financial performance. These measures, including Sales of Natural Gas, NGL and Oil, including cash settlements, and Natural Gas, NGL and Oil Production Costs, are used by management to analyze the company's operating performance. For the year ended December 31, 2024, the company reported Sales of Natural Gas, NGL and Oil, including cash settlements, of $1,467 million, and Natural Gas, NGL and Oil Production Costs of $950 million.
The company's segment analysis for the year ended December 31, 2024, shows that the Shale segment contributed $1,080 million to the total Natural Gas, NGLs, and Oil Revenue, while the Coalbed Methane (CBM) segment contributed $105 million, and the Other segment contributed $1 million.
The market has reacted to these announcements by moving the company's shares -2.3% to a price of $29.93. If you want to know more, read the company's complete 10-K report here.
